After pushing to fresh highs in early May, Chinese Nickel Pig Iron prices have begun retreating as every pillar that supported the late-April surge — refined nickel, stainless margins, and scrap economics — starts to weaken simultaneously.

The fundamental challenge in the 304 stainless steel industrial chain is Instrument Asymmetry, a scenario where the dominant cost driver, Nickel Pig Iron (NPI), lacks a direct futures contract and forces participants to manage 75% of their risk using standardized proxies like pure nickel. This creates a lethal threat not from price volatility itself, but from the Basis Risk that occurs when physical assets and hedging tools decouple.

This week, the average price of SMM8-12% high-nickel pig iron was 953.3 yuan per nickel point (including tax, ex-factory), marking an increase of 6 yuan per nickel point compared to last week. Overall, the price of high-nickel pig iron has shown a slight upward trend this week.

This week's average price for SMM 8-12% high-grade nickel pig iron (NPI) reached 947.3 RMB per nickel point (ex-factory, including tax), an increase of 5.4 RMB per nickel point compared to last week. This indicates a stabilization and recovery trend in the high-grade NPI prices following recent fluctuations.

This week, the average price of SMM 8-12% high-nickel pig iron was 941.9 yuan per nickel point (including tax, ex-factory), which is a decrease of 8.2 yuan per nickel point compared to last week. The price of high-nickel pig iron continues to face significant pressure.

This week, the average price of SMM 8-12% high-nickel pig iron is 950.1 RMB per nickel point (tax-included, ex-factory), which represents a decrease of 17.4 RMB per nickel point compared to the average price last week. The price of high-nickel pig iron continues its previous downward trend.