SHANGHAI, Oct. 23 (SMM) -- Mainstream traded prices of NPI (Ni 10-15%) were between RMB 1,180-1,210/mtu, were between RMB 1,200-1,220/mtu for NPI (Ni 6-8%), between RMB 1,220-1,240/mtu for NPI (Ni 4-6%), and between RMB 2,880-2,930/mt for NPI (Ni 1.6-1.7%), up RMB 30/mt.
Affected by US equity slump, LME nickel prices plunged to around RMB 16,500/mt. In response, Jinchuan Group cut ex-works nickel prices by RMB 3,000/mt to RMB 123,000/mt on Monday.
With regard to stainless steel mills, stainless steel mills cut NPI bidding prices by RMB 10/mtu. LME nickel price decline fueled wait-and-see sentiment, and NPI producers temporarily kept offers unchanged.