Shanghai Nonferrous Metals News
China produced 38.4 kt of NPI in April, down 4.49% m-o-m and down 19.91% y-o-y. Of this figure, high-NPI output was 31.3 kt down 7.33% y-o-y and low-NPI output was 7.1 kt, up 10.46%. Some large high-NPI smelters partially suspended operations due to shrinking nickel laterite supply combined with a slight surplus of NPI supply during April. However, some integrated low-NPI smelters increased output of 200 Series to match the demand from stainless steel.
SMM forecast domestic NPI output to grow by 0.46% m-o-m to 38.7 kt in May led by resumptions of previously idled capacity. Despite growing profit margins, output growth for May is expected to be limited amid continued tightening of nickel laterite supply.