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.

This week, the average price of SMM 8-12% high-nickel pig iron (NPI) stood at 967.5 yuan per nickel unit (including tax, ex-factory), marking a decrease of 7.2 yuan per nickel unit compared to last week's average. Although the price of high-nickel pig iron continues to trend downward, the rate of decline has slowed compared to the previous week.

【Minutes of Morning Meeting on April 30】Affected by the production cuts in Indonesia's MHP and high-grade nickel matte projects, the supply of raw materials is tight, driving the MHP coefficient to continue fluctuating at highs, with insufficient downward momentum. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, hence their quotations remain firm. Some nickel salt smelters have expectations for production cuts due to incomplete raw material stocking.

his week, the average price of SMM 8-12% high-nickel pig iron (NPI) was 974.7 yuan per nickel point (tax included, ex-factory), down 14.2 yuan per nickel point from last week. The FOB price in Indonesia was $116.6 per nickel point, down $1.77 per nickel point from last week, indicating a continued downward shift in high-nickel pig iron prices.

During the week, the weekly average price of SMM 8-12% high-nickel pig iron was RMB 1,010.9 per nickel point (ex-factory, tax-included), down RMB 19.35 per nickel point from the previous week's average price, marking the largest single-week decline this year. The market price downtrend is evident and the transaction focus continues to shift downward.

This week, the average price of SMM 8-12% high-nickel pig iron reached 1030.25 yuan per nickel point (factory price including tax), an increase of 5.25 yuan per nickel point compared to last week's average. High-nickel pig iron prices continued to show a stable and slightly strong trend this week.