NPI and refined nickel show mixed performance. Will the discount narrow again?
During the week, the SMM 8-12% NPI weekly average price was 987.1 yuan/mtu (ex-factory, tax included), up 14.3 yuan/mtu from a week ago. The Indonesian NPI FOB index rose 1.46% MoM to $1.7/mtu, with the price increase of NPI expanding this week. Supply side, domestically, current NPI production is running at a low level......
In June 2024, China's import volume of ternary cathode materials (NCM+NCA combined) was 7,680 mt, down 11% MoM, up 1% YoY. Among them, NCM imports were 6,193 mt, down 13% MoM, up 2% YoY; NCA imports were 1,486 mt, down 1% MoM, down 1% YoY. In June 2024, China's export volume of ternary cathode materials (NCM+NCA combined) was 6,262 mt, down 9% MoM, down 25% YoY. Among them, NCM exports totaled 6,028 mt, down 10% MoM, down 24% YoY; NCA exports were 234 mt, up 24% MoM, down 49% YoY.
Total zinc ingot inventory in seven regions as of July 25
According to the SMM survey, as of July 25, the total zinc ingot inventory in seven regions surveyed by SMM was 169,100 mt, a decrease of 22,800 mt compared to July 18 and a decrease of 8,600 mt compared to July 22, with domestic inventory continuing to decrease.
Zinc inventory in the Shanghai bonded zone as of July 25
According to SMM, as of July 25, the inventory in the Shanghai bonded zone was 17,000 mt, flat from a week ago.
Low zinc prices stimulated downstream restocking
Recently, prices went down.