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Home / Metal News / Price spread between high-grade NPI, refined nickel returns to discounts last week

Price spread between high-grade NPI, refined nickel returns to discounts last week

Feb 25, 2019 11:23

Source:SMM

Late resumption across downstream stainless steel plants dragged the upward momentum in NPI prices

SHANGHAI, Feb 25 (SMM) – Greater growth rates pulled prices of refined nickel above that of high-grade nickel pig iron (NPI) last week, after spot prices of high-grade NPI stood at premiums over refined nickel two weeks earlier, showed SMM data.

Last week, late resumption across downstream stainless steel plants dragged the upward momentum in NPI prices, even though its supply remained tight in the market. SMM learned that cold-rolled stainless steel producers have yet to fully recover though producers of hot-rolled stainless steel mostly resumed as of Friday February 22.

Prices of the most-active SHFE nickel contract and spot nickel materials increased for five consecutive trading days in the week to February 22. On Wednesday February 20, prices of high-grade NPI started to fell blow prices of Norilsk nickel, standing at a discount of 11.25 yuan/mtu over Norilsk nickel.

SMM believes that higher costs of raw materials will continue to weigh on purchases at stainless steel plants in the weeks ahead.

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