SHANGHAI, Jul. 1 (SMM) – Chinese middle and high-grade NPI producers are heading for losses after sharp declines in nickel market, Shanghai Metals Market foresees.
“Major domestic stainless steel mills will push for lower procurement price for NPI in July as current NPI prices are now much higher than refined nickel after its tumbles,” SMM nickel group says.
The off-demand season in the stainless steel sector will also combine to pressure domestic NPI plants, SMM adds.
On Jun. 30, ex-works prices of high-grade NPI (Ni 10-15%) were 915-925 yuan per mtu, and 910-930 yuan per mtu for Ni 4-6% NPI, respectively, down 20 and 25 yuan per mtu from a day earlier, according to SMM data.
The price of low-grade NPI also fell 30 yuan to 2,120-2,170 yuan per tonne, and the surplus market is expected to see price down to 2,100 yuan per tonne, SMM foresees.
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