SHANGHAI, Nov 15 (SMM) – The SMM average price of 8-12% high-grade NPI stood at 1,480 yuan/mtu (ex-works, including tax) on Friday November 12, down 15 yuan/mtu from a week earlier, and the average price of Indonesian NPI stood at 1,475 yuan/mtu (including tax, delivery to ports), a decline of 17.5 yuan/mtu from a week earlier.
There were many trades in small trading volume during the week, most of which were made between special steel mills, traders and NPI plants. There was large gaps between the traded prices. No trades could represent the mainstream prices. But to a certain extent, it showed that the current NPI price is in a downside trend.
On the supply side, the power rationing policy was lifted in November, and NPI smelters in many regions resumed normal production. The supply of NPI gradually picked up, but the current supply is still tight.
On the demand side, the demand from stainless steel mills for NPI is weak. Due to the reduction in downstream orders and the pullback of stainless steel prices, steel mills have a poor acceptance of high-priced NPI. And no trades were made by mainstream steel mills. The current quotes by mainstream NPI plants stand at around 1,500 yuan/mtu (including tax, delivery to factory), and the mainstream steel mills’ acceptable prices are around 1,470 yuan/mtu (including tax, delivery to factory). The mainstream price range of NPI is 1,460-1,490 yuan/mtu (ex-factory, including tax).
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