SHANGHAI, Dec 20 (SMM) - The SMM average price of Ni 8-12% high-grade NPI stood at 1,245 yuan/mtu (ex-works, including tax) on Friday December 17, down 110 yuan/mtu from a week earlier, and the average price of Indonesian NPI stood at 1,235 yuan/mtu (including tax, delivery to ports), a decline of 110 yuan/mtu from a week earlier.
The market saw many small transactions of NPI last week, with the prices falling from around 1,360 yuan/mtu (delivery to factory, tax included) to 1,250-1,290 yuan/mtu (delivery to factory, tax included), which were lower than expectations and turned the market sentiments bearish.
The demand from stainless steel mills remained weak, and the stainless steel scrap was still more cost effective than NPI. The supply of NPI exceeded the demand, and the prices were unlikely to stand stable. The costs of NPI were stable, but the profits of NPI plants shrank further on the current prices. At the same time, the market shares of Indonesian NPI were expanding as it was more cost effective than domestic NPI, which weighed on the domestic high-grade NPI prices. The prices of high-grade NPI are expected to stand stable in the short term and move between 1,200-1,245 yuan/mtu this week.
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