SHANGHAI, Sept. 18 (SMM) - In August, premiums of high-grade NPI over imported ferronickel (Ni 15%) were $1,013 per tonne (Ni content), up sharply by $363 per tonne (Ni content) or 56% from July’s, according to SMM data.
The following two factors could explain the big rise in the premiums in August.
First, some NPI traders held back sales, so supply available for stainless steel mills remained tight in August, sending up high-grade NPI over the month.
Second, Chinese yuan’s appreciation against the dollar left price gains of yuan-denominated domestic NPI bigger than those of USD-denominated imported ferronickel.
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