SHANGHAI, Apr 10 (SMM) - Last Friday, the average price of SMM 8-12% high-grade NPI was 1,041.5 yuan/mtu (ex-factory, including tax), down 2.5 yuan/mtu from the previous trading day and 40 yuan/mtu from the previous Friday. NPI demand did not improve palpably despite the price decline. The latest production schedules of stainless steel mills are less likely to increase in April. NPI prices trended lower as cargo holders dumped their goods in a bearish market. The stainless steel mills purchased NPI in a small amount each time. Besides, some Indonesia NPI has arrived at ports intensively in recent days, which enabled the stainless steel mills to manipulate the NPI prices. Stainless steel prices slumped following the price trend of raw materials. And the profit margins grew only slightly. The NPI market was still in a supply surplus. Some domestic NPI factories carried high in-plant finished product inventories, and so did the traders. In terms of costs, Indonesia nickel ore prices plunged last week on the dropping NPI prices, which slightly eased the loss of NPI plants. The mainstream NPI prices will be 1,000-1,030 yuan/mtu (ex-factory, including tax) this week.
NPI Prices to Move Rangebound This Week
Last Friday, the average price of SMM 8-12% high-grade NPI was 1,041.5 yuan/mtu (ex-factory, including tax).
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