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Strong cost support, the price center of high-nickel pig iron may move upward
SMM10-12% High Nickel Pig Iron Average Price Rose 2.2 Yuan/Nickel Point to 1089.9 Yuan/Nickel Point (including tax at factory gate) from last week, Indonesia NPI FOB index average price increased by 0.39 USD/Nickel Point to 138.93 USD/Nickel Point compared to last week. This week, mainstream steel mills announced bidding prices, causing brief market pressure, but trading activity subsequently recovered somewhat, and high nickel pig iron transaction prices rose again. Although terminal demand remains weak, supported by cost factors, the price center of high nickel pig iron continues to move upward, only temporarily pressured after a sharp decline in the market. Looking ahead, with high production costs for smelters and holding costs for traders, high nickel pig iron prices are expected to remain supported. From the raw material side, nickel ore costs continue to rise, driving the production costs of high nickel pig iron to maintain an upward trend. Meanwhile, the price increase of high nickel pig iron has slowed, and smelter profit margins are under pressure. (SMM)