NPI Prices Bounce Back Last Week and to Remain Stable This Week

SHANGHAI, Apr 24 (SMM) - Last Friday, the average price of 8-12% high-grade NPI was 1,107.5 yuan/mtu (ex-factory, including tax), up 7.5 yuan/mtu from the previous trading day and 55 yuan/mtu from the previous Friday. On the demand side, stainless steel mills may ramp up production intensively in April spurred by the recovery of profits. After the concentrated production reduction in March, the cost efficiency of stainless steel scrap dropped greatly, which, on the other hand, drove up the NPI demand. Some stainless steel mills offered higher purchase prices of NPI on the better stainless steel consumption. The NPI plants generally held their prices firm amid the ballooning nickel prices, and traders preferred picking up goods amid their high costs. The NPI market players remained bullish. NPI supply was low. But the market will still see a supply surplus as the invisible stocks are expected to flow into the market. On the cost side, the prices of nickel ore shipped from the Philippines basically reached the bottom, but the transactions were poor on the delivery problem and the mismatch between supply and demand. The prices will be stable with occasional ups in the near future. The mainstream NPI prices will run between 1,125-1,150 yuan/mtu (ex-factory, including tax) this week.