Chinese NPI price extended declines, while nickel ore steady; nickel plate premiums unmoved
- A lack of a profitable arb in Shanghai keeps refined nickel premiums unchanged; nickel pig iron (NPI) prices continue drop
- Premiums in Europe are flat despite an increased interest for material in 2021
The Chinese price of NPI continued to drop amid a lower procurement price from domestic stainless steel mills, while the price of raw material nickel ore kept steady in a low supply market. Shanghai nickel-plate premiums, however, were unmoved with a big arbitrage loss diminishing any import appetite, sources said.
Chinese stainless steel mills are not actively purchasing raw materials and continue to lower their procurement prices for NPI, which weighed the market down, sources said.
“Spot trading is still thin amid weaker buying interest from [stainless...