Tight supplies boost purchasing price of high-grade NPI

China’s NPI output rose 3.27% from December to 38,600 mt Ni in January. This included 31,600 mt Ni of high-grade NPI, up 5.74% on the month, and 7,000 mt Ni of low-grade NPI, down 6.58% month on month.

Nonferrous metals on the SHFE were mostly higher on Thursday morning, and their counterparts on the LME rose across the board after stocks on Wall Street sailed to record highs as US President Joe Biden was sworn into office.

SMM high-grade NPI average price on December 4 was 1,030 yuan/mtu (ex-factory, tax included), down 10 yuan/mtu on the week. The purchase prices of high-grade NPI moved between 1,020-1,045 yuan/mtu (delivered to factory, tax included).  The willingness of restocking across steel plants have weakened along with the low stainless steel prices, which had dropped below the costs in all domestic ferronickel plants. This has led to lower transactions amid the ferronickel plants’ low intention of delivery.

China’s NPI output shrank 2.2% from October to 42,700 mt Ni in November.

Nonferrous metals on the SHFE were mostly lower on Wednesday morning, while their counterparts on the LME set for a mixed start.

Nonferrous metals on the SHFE and LME both fell broadly on Thursday morning, extending losses, as surging global COVID-19 cases triggered more restrictions and stoked concerns about economic recovery.

Shanghai base metals fell for the most part on Friday morning, while their counterparts on the LME set for a mixed start, as the US dollar rebounded and hopes for a US stimulus package before the Nov. election dimmed.

No more than 100 million yuan of subsidy will be granted each year

The premiums for Jinchuan materials over the SHFE 1910 contract little changed at 200-300 yuan/mt

PT Macika Mada Madana has obtained new export quotas of 400,000 wmt nickel ore this month