SHANGHAI, Feb 15 (SMM) - The price of SMM Ni 8-12% high-grade NPI stood at 1,370 yuan/mtu as of January 30, 2023, up 10 yuan/mtu from the beginning of the month.
In January, most stainless steel plants purchased raw materials in large quantities on upcoming CNY holiday and upbeat sentiment. The NPI available in the spot market was limited.
On the supply side, the NPI supply increased slightly as NPI plants resumed normal production from maintenance earlier. Sources of Indonesia NPI were primarily booked in advance as the downstream companies restocked raw materials beforehand, and the trades in the market were still quiet.
On the demand side, the stainless steel futures prices rose in January on the post-holiday consumption recovery, which triggered optimism towards stainless steel and NPI markets apart from providing downside room for NPI prices. In addition, nickel ore prices stabilised at high levels on its tightness during the rainy season, and the cost support stemming from surging nickel prices in late January underpinned NPI prices.
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