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  [SMM Stainless Steel Daily Review] Macro Uncertainty Disturbs Market, Stainless Steel Futures and Spot Cargo Synchronously Decline

• [SMM Analysis]Regional Divergence in the High-Grade NPI Market in 2025 Under Multiple Influencing Factors

  In 2025, the global nickel pig iron (NPI) market, influenced by the interplay of supply-demand dynamics, cost fluctuations, and policy environment, exhibited an overall trend of "fluctuations in the first half of the year, followed by initial stability and subsequent weakness in the second half." Significant divergence was observed between the two core production regions, China and Indonesia. Price trends shifted from cost-supported increases at the beginning of the year to off-season demand-driven declines by year-end. Throughout the year, the industry revolved around two fundamental themes: "capacity release and cost constraints on the supply side, and volatility in the stainless steel industry on the demand side."

• Platinum and Palladium Futures Continue Strong Performance, Trading Volume Hits Record High [SMM Platinum and Palladium Daily Review]

• [SMM Hot-Rolled Arrivals] This Week's Arrivals in Key Northern and Southern Cities Increased by More Than Half

  SMM Steel, December 9 – According to SMM statistics, estimated total shipments to mainstream markets this week were 186,300 mt, down 7.73% WoW from last week’s shipment level. By market:  

• MMi Daily Iron Ore Report (December 16)

  Today, DCE iron ore prices trended stronger, with the most-traded contract I2605 closing at 761 yuan, up 1.06% from the previous working day. Spot prices rose 3–5 yuan/mt from the previous day.