SMM January 8 -
On January 8, the SMM average price for 10-12% high-grade NPI was 960 yuan/mtu (ex-factory, tax included), up 12.5 yuan/mtu from the previous working day. The market sentiment indicator for high-grade NPI was 1.88, down 0.05 MoM; the upstream sentiment indicator for high-grade NPI was 1.9, up 0.13 MoM; and the downstream sentiment indicator for high-grade NPI was 1.86, down 0.23 MoM. Supply side, upstream players continued to hold prices firm, with offers gradually rising to around 1,020 yuan/mtu. Demand side, stainless steel mill profits improved but demand remained sluggish, with mills showing little stockpiling demand, and market transactions were mainly driven by traders. Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) held a press conference today, stating that the approval of nickel ore RKABs for 2026 will be adjusted based on the total demand from smelters in 2026. Subsequently, futures fell significantly, and NPI prices may face significant resistance to further increases.
