SHANGHAI, Jun 27 (SMM) – A cargo of high-grade nickel pig iron (NPI) was heard traded this week at 1,075 yuan/mtu ex-factory, including tax, SMM learned.
High-grade NPI is currently in short supply as environmental reviews weigh on the production, which buoyed the prices.
A trader made the purchase with volume of some 1,000 mt.
SMM also learned that plants in the north purchased nickel ore with 1.5% Ni from the Philippines and ore with 1.65% Ni from Indonesia at $31.5/wmt cif and $45/wmt cif, respectively, this week. The traded prices were $0.5-1/wmt lower than the level seen earlier this month.
Traders had to lower offers to offload their cargoes as demand is hurt by high-grade NPI production limitations.
