SHANGHAI, May 8 (SMM) – China's ferronickel imports in April is expected to register at 13,400 mt in metal content, down from 17,700 mt in metal content in March due to fewer deliveries of nickel pig iron (NPI) from Indonesia, SMM surveyed. Deliveries of NPI are also included in the total imports of ferronickel.
For purchases of imported NPI, domestic stainless steel plants reference SHFE nickel prices while steel mills across south-east Asia reference LME prices. As the gap between SHFE and LME nickel prices grew, margins of exports to south-east Asia exceeded those of exports to China, SMM surveyed.
SMM expects ferronickel imports to continue to decline in May.
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