SMM April 17 News,
On April 17, the average price of SMM 8-12% high-grade NPI was 985 yuan/mtu (ex-factory, tax included), down 4.5 yuan/mtu from the previous working day. Supply side, domestically, current nickel ore inventory at domestic smelters remains low, coupled with declining smelter profits, some companies are still in maintenance periods, and overall production remains at low levels. In Indonesia, short-term domestic trade premiums for nickel ore remain stable, smelter costs are strongly supported, and production remains stable despite declining profits. Demand side, stainless steel prices have recently experienced significant declines, market purchasing sentiment is weak, and stainless steel mills have subdued demand for raw material procurement. In the short term, high-grade NPI prices remain under pressure.
