SHANGHAI, Jan 10 (SMM) – The SMM average price of 8-12% high-grade NPI stood at 1,307.5 yuan/mtu (ex-works, including tax) on Friday January 7, up 12.5 yuan/mtu from a week earlier, and the average price of Indonesian high-grade NPI stood at 1,310 yuan/mtu (including tax, delivery to ports), 20 yuan/mtu higher than a week earlier. Mainstream traded prices currently stand at 1,340 yuan/mtu (tax included, delivery to factory).
The trading volumes were high. There were several trades with low traded prices. The NPI plants and traders barely accepted the low prices considering the current costs. Steel mills’ demand for NPI has picked up noticeably, bolstering the NPI prices. Steel mills stepped up stockpiling to ensure the production around CNY holidays despite maintenance at plants. NPI plants still use high-priced raw material inventories, and the costs shored up NPI prices. Some NPI plants continued to cut the output or remained closed, slightly reducing the availability of cargoes. In this scenario, the NPI prices climbed.
The NPI prices will rise slightly in the short term. The mainstream prices of high grade NPI are expected to stand at 1,320-1,360 yuan/mtu (ex-works, including tax) this week.
