Chinese NPI price hits 2020 high; market expects further upward momentum

The Chinese spot nickel pig iron (NPI) price rose to its highest level of this year on Friday August 28, supported by decent demand, high costs and a rising London Metal Exchange nickel price.

Fastmarkets assessed the nickel pig iron, high-grade NPI content 10-15%, spot, ddp China price at 1,130-1,150 yuan ($165-168) per nickel unit on Friday, the highest so far this year and a level last seen on November 15, 2019.
"The [NPI] price has been strengthening recently due to strong orders from stainless steel mills, the high price of nickel ore, and spot supplies are also limited now," a Shanghai-based nickel analyst said.
"We have no extra spot supplies, and orders have been scheduled till mid-late September," a second producer source said.

Domestic stainless steel mills began to purchase NPI actively from early August, and this helped push...

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