SHANGHAI, Jul. 10 (SMM) – Chinese stainless steel mills shows more interest in refined nickel than NPI following sharp losses in the nickel market, Shanghai Metals Market survey finds.
In China’s domestic spot market, nickel price tumbled to 83,500 yuan per tonne or 835 yuan per mtu, lower than domestic NPI price.
On Jul. 9, ex-works price of high-grade NPI (Ni 10-15%) was 880-900 yuan per mtu, and 890-900 yuan per tonne for medium-grade NPI (Ni 4-6%), according to SMM data, little changed from a day earlier.
The price of medium and high-grade NPI is expected to drop, SMM foresees, but any decline will be small due to losses across the sector.
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