SHANGHAI, Feb 8 (SMM) - On February 8, SMM Ni 8-12% high-grade NPI was 1,370 yuan/mtu (ex-factory, tax included) on average, flat from the previous trading day. A stainless steel plant in east China made a deal of thousands of mt today at 1,385 yuan/mtu (ex-factory, tax included), affecting the market sentiment slightly.
Some NPI plants and traders held their offers less firm, but the cost support was still strong thanks to the upward trend of nickel ore prices. The stainless steel plant began to restock but were still cautious about purchasing.
SMM estimates the NPI prices will hold firm in the short term.
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