SHANGHAI, Apr. 12 (SMM) -- NPI prices were unchanged from a day earlier. Ex-works prices were RMB 3,550-3,600/mt for low grade NPI (Ni 1.6-1.7%), RMB 1,360-1,380/mtu for medium grade NPI (Ni 4-6%, 6-8%), and RMB 1,330-1,350/mtu for high grade NPI.
According to a recent SMM survey, small and medium NPI producers in Inner Mongolia and Shandong reported production cuts and unit maintenance, since NPI purchase prices offered by stainless steel mills were low and producers were pessimistic toward future NPI prices. Sources report that one large steel mill in East China plans to reduce purchasing volume of NPI in April, reflecting demand for NPI from stainless steel mills fails to improve despite the start of traditional peak season.
NPI producers said high nickel ore prices kept NPI prices around the cost price level, and any declines in NPI prices should be limited.