SMM reported on May 28,
that on May 28, the average price of SMM 8-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. Supply side, domestically, nickel ore prices in the Philippines remained firm, imposing a significant cost burden on smelters, and domestic production continued to operate at a low level. In Indonesia, the latest round of HPM for domestic trade nickel ore in Indonesia saw a slight decline. Coupled with the generally stable with slight rise in the premium for ongoing order negotiations, the low finished product prices have led smelters to face an inverted margin situation, and production is expected to decline slightly. Demand side, the mainstream stainless steel mills' list prices remained flat WoW, with the market dominated by low-price transactions. Downstream demand was impacted by tariff adjustments and the current off-season in the stainless steel market. Steel mills' purchase willingness for high-grade NPI was weak. However, supported by underlying cost pressures and a market where liquidity was not yet loose, the price center edged up slightly. Overall, it is expected that high-grade NPI prices will remain stable in the short term.
