In terms of small orders, ferronickel prices fell with significantly weakening demand from stainless steel mills and a fast price decline of NPI.
At the same time, the prices varied greatly across different grades. At present, the small orders are traded at a fixed price. There is almost no price spread between Ni 15-20% ferronickel and high-grade NPI.
The prices of ferronickel with Ni of and above 35% are still firm. However, those of ferronickel with Ni 20-25% and below 20% fell with NPI prices. The advantage of Ni 20-25% ferronickel is not obvious, and some brands still have excessive content of impurity elements. Therefore, Ni 20-25% ferronickel was traded based on the average price of NPI.
The sharp price drop, combined with the big gap between acceptable prices by stainless steel mills and overseas ferronickel prices, hampered shipments from traders.
In April, some stainless steel mills began to sign long-term orders for the second quarter, and it is expected that the subsequent supply under small-orders will still be relatively scarce.
