Why Low-Grade NPI Market Reports Declines both in Price and Trading Volumes? SMM Reports

SHANGHAI, Jun. 5 (SMM) – Low-grade NPI prices in China’s domestic market rose before falling since the beginning of 2017. In mid April, low-grade NPI prices advanced to 3,200 yuan per tonne due to rising purchasing downstream demand and supply declines after environmental factor. Before early March, low-grade NPI prices were lower than #200 stainless steel scrap prices, and later turned higher than the latter along with rising prices from supply shortages. 

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As of April 10, low-grade NPI prices were 659 yuan per tonne over #200 stainless steel scrap. The premiums kept rising from April 10 to late April, and exceeded 1,800 yuan per tonne as of April 26, and fell to around 850 yuan so far. 

#200 stainless steel prices kept falling from mid March with demand weakening, and declines of #200 stainless steel scrap were much bigger than # 200 stainless steel, keeping premiums of low-grade NPI over #200 stainless steel scrap at high. Hence, domestic stainless steel mills turned to #200 stainless steel scrap market, explaining the declines both in prices and trading volumes in the low-grade NPI market. 

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