SMM reported on August 1,
On August 1, the average price of SMM 10-12% high-grade NPI was 912 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, nickel ore prices in the Philippines eased during the week, but it was difficult to change the current situation of losses for domestic smelters, with smelter production remaining low and stable on a WoW basis. On the consumption side, according to SMM, driven by macro sentiment, stainless steel prices have recovered somewhat, and plain carbon steel mill production has also seen a WoW recovery, but downstream enterprises' acceptance of prices remains limited. Overall, high-grade NPI prices are stagnant, awaiting guidance from end-use consumption in August.
