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Home / Metal News / NPI Prices Fell Slightly Last Week on Shrinking Demand

NPI Prices Fell Slightly Last Week on Shrinking Demand

May 22, 2023 16:17

Source:SMM

Last Friday, the average price of 8-12% high-grade NPI was 1,112.5 yuan/mtu (ex-factory, including tax), down 5 yuan/mtu from the previous trading day and 12.5 yuan/mtu from a week ago.

SHANGHAI, May 22 (SMM) - Last Friday, the average price of 8-12% high-grade NPI was 1,112.5 yuan/mtu (ex-factory, including tax), down 5 yuan/mtu from the previous trading day and 12.5 yuan/mtu from a week ago. NPI demand weakened last week because stainless steel mills got abundant raw material stocks and poor profits on low stainless steel prices. Some NPI traders, therefore, cut their quotes. However, the NPI plants still held their quotes firm with the improvement in downstream orders regardless of the falling nickel prices during the week. Stainless steel scrap prices dropped as the output rose greatly in April-May, weighing on the NPI sector. In terms of costs, ore traders began to cut their quotations, while the prices quoted by mines in the Philippines stood stable. SMM believes that the nickel ore prices may fall somewhat as the NPI plants have a low nickel ore demand. The mainstream NPI prices will drop to 1,080-1,110 yuan/mtu (ex-factory, including tax) this week.

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