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[Ni] NPI Prices Down Rapidly
SHANGHAI, Sept. 4 (SMM) -- NPI prices slid rapidly during this week, and fell to RMB 3,200-3,250/mt from last week levels of RMB 3,300/mt, and market insiders said there is further downward room for NPI prices.
Recently, stainless steel market sentiment became slim with falling nickel prices. In addition, steel mills have relatively high raw materials inventories, so they reduced purchases, resulting in weakening demand for NPI. NPI producers also said September orders were less than orders during July and August.
In the mean time, finished goods inventories at NPI producers increased gradually given weak demand, and producers were eager to move goods due to tight cash flow, resulting in declines in NPI prices. Offers at RMB 3,150/mt have been heard in the market currently. Market players said future NPI prices will depend on changes in raw materials prices including coke, and believe the lower price range will be RMB 3,100-3,150/mt.
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