High-grade NPI traded price exceeds offers for refined nickel

Published: Aug 29, 2018 11:26

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A cargo of high-grade NPI was heard traded at 1,100 yuan/mtu this week, 16 yuan/mtu higher than offers for refined nickel as of Aug 28

SHANGHAI, Aug 29 (SMM) – A cargo of high-grade nickel pig iron (NPI) was heard to have traded at 1,100 yuan/mtu this week, 16 yuan/mtu higher than offers for refined nickel as of August 28.

A domestic trader made the purchase. Procurement volumes stood above 500 mt, SMM learned.

Tighter spot materials of high-grade NPI and higher demand from downstream stainless steel accounted for the higher premium. Downstream demand from stainless steel is robust as the sector stockpiles in September, ahead of the week-long National Day holiday on October 1. SMM expects higher premiums to continue in the short term.

Domestic environmental probes will continue to weigh on NPI supplies this month, SMM believes.

Market commentary Nickel pig iron NPI

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