Sellers Held the Prices of High-Grade NPI Firm

SHANGHAI, Dec 15 (SMM) - As of December 15, SMM Ni 8-12% high-grade NPI was 1,350 yuan/mtu (ex-factory, tax included), flat from the previous trading day. A steel mill in east China traded at the prices of 1,380-1,390 yuan/mtu (deliver to factory, tax included), and the sellers held a bullish outlook towards the market. On the supply side, the overall inventory declined. On the demand side, most steel mills still had sufficient raw materials inventory, and only some steel mills had stocking needs. But low-priced NPI was hard to find, hence they were forced to purchase high-priced raw materials. At the same time, the inventory of stainless steel increase. As the terminal consumption was still weak, the demand for NPI weakened and enterprises were unwilling to purchase high-priced NPI. NPI prices are expected to remain volatile in the short term and are unlikely to increase significantly.