SHANGHAI, May 16 (SMM) – High-grade NPI prices in China’s domestic market are expected to fall this week, Shanghai Metals Market foresees.
“Tumbling nickel price has depressed market sentiment in high-grade NPI market, and prices are estimated to fall 10 yuan to 750 yuan per mtu this week,” SMM nickel analyst says.
According to SMM data, prices for high-grade NPI were stable during the first four trading days of last week, and on Friday, ex-works prices of NPI 10-15% were 750-770 yuan per mtu, down 10 yuan on a weekly basis.
Prices in medium-grade NPI market held stable at 780-800 yuan per mtu last week, and one producer in Shandong plans to shift to low-grade NPI production.
“Rising strength in low-grade NPI market will be still available, with prices expected to rise to 2,200 yuan per tonne,” SMM foresees, citing rising coke prices and using preference from higher economics of refined nickel over high-grade NPI.
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