SHANGHAI, Jan. 7 (SMM) – Mainstream traded prices for high-grade NPI (Ni 10-15%) were between RMB 1,150-1,170/mtu, RMB 1,180-1,200/mtu for medium-grade NPI (Ni 6-8%), RMB 1,190-1,200/mtu for NPI (Ni 4-6%) and RMB 2,950-3,000/mt for low-grade NPI (Ni 1.6-1.7%).
According to SMM sources, NPI industry outlook is not optimistic and NPI prices are on downward trend due to the following factors.
1. As cash flow pressure is tight at the end of they year, many producers try to move goods by lowering prices.
2. Demand from stainless steel mills was still sluggish, which restricted NPI prices from rising despite that LME nickel prices hovered at high levels.
3. Purchases for medium-grade NPI fell, as NPI producers preferred to purchase high-grade NPI due to higher cost performance of high-grade NPI.
4. Prices of #200 stainless steel fell further, weighing down prices of NPI in the following two weeks.