Shanghai Nonferrous Metals News
China produced 44.2 kt of NPI (in Ni metal) in May 2020, up by 15.15% m-o-m, showing the first monthly growth after declining over five consecutive months since November 2019. China’s high NPI output grew by 17.92% m-o-m to 36.9 kt (in Ni metal) and low NPI output grew by 2.88% m-o-m to 7.3 kt (in Ni metal).
Several large NPI smelters gradually resumed operations in May thanks to high-cost capacities exiting the market in addition to growing demand following increased output of stainless steel 300 series. Meanwhile, increasing demand from stainless steel 200 series has resulted in moderate output growth of low NPI.
SMM forecast domestic NPI output at 45.1 kt (in Ni metal) for June 2020, up 2.08% m-o-m driven by increasing demand from the stainless steel sector and the gradual relief in shortening nickel laterite supply.