SHANGHAI, Jun. 11 (SMM) – The price of medium and high-grade is expected to face resistance to rise on weak demand, Shanghai Metals Market foresees.
Prices of medium and high-grade NPI advanced by 5 yuan per mtu on Jun. 9 after LME nickel rose above $13,000 per tonne, according to SMM data.
“The off-demand season of stainless steel reduces demand for NPI, giving no support to more price gains,” SMM nickel group says.
The low-grade NPI market is now in surplus, with low trading, SMM adds.
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