SMM

This week, both the high-grade NPI and refined nickel markets remained in the doldrums, though some indicators showed marginal changes, reflecting complex adjustments in the market structure. For high-grade NPI prices, the weekly average price of SMM8-12% high-grade NPI was reported at 905.3 yuan/mtu (ex-factory, tax included), down 4.5 yuan/mtu WoW. The Indonesia NPI FOB index price stood at $110.4/mtu, down $0.5/mtu WoW. Although prices continued their downward trend, the pace of decline narrowed, indicating weakening bearish momentum and intensifying tug-of-war between longs and shorts.