SHANGHAI, Nov. 27 (SMM) – Prices of high-grade NPI in China’s market are expected to drop this coming week, Shanghai Metals Market foresees.
Over this past week, the high-grade NPI market gained with rising nickel prices, but such gains are not expected to be sustainable, SMM nickel analyst predicts, citing weak market fundamentals.
On Friday (Nov. 27), ex-works prices for Ni 10-15% were 700-720 yuan per mtu, and 720-730 yuan per mtu for Ni 4-6%, both up 25 yuan per mtu week-on-week, according to SMM data.
Conditions in the low-grade NPI market remained weak, with prices down 35 yuan on Friday to 1,560-1,600 yuan per tonne.
This coming week will see further declines in the low-grade NPI market, with prices expected at 1,550-1,600 yuan per tonne, SMM estimates.
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