SHANGHAI, Jan 2 (SMM) – Several vessels carrying nickel pig iron have been deterred from leaving Indonesia, as its capital city—Jakarta—is suffering the worst flooding in years, SMM learned from a market participant.
Heavy monsoon rains have lashed Jakarta and nearby cities since New Year’s Eve, and the weather agency expects the adverse weather to last until next week, according to a Bloomberg report on Wednesday.
A Reuters report on Thursday said that flash floods and landslides in the area have killed at least 21 people and forced tens of thousands of people to evacuate.
The Chinese NPI market has yet to react to the news, with market participants awaiting for further developments to assess the impact. The news might affect Chinese stainless steel mills’ attitude towards buying NPI.