Limited ore stocks push Chinese stainless mills to accept high NPI prices
Chinese nickel pig iron prices continue to soar with steel mills left with no choice but to increase their purchase prices amid high offers from smelters and limited supply, market sources said.
“The NPI market is in a mess. Smelters are constantly increasing offers and are unwilling to sell,” a trader from Shanghai said. Nickel pig iron prices have gained 10% since the beginning of the year. On January 12, Indonesia imposed a ban on exports of unprocessed minerals, hitting nickel ore supply to China. For the moment, NPI still has a price advantage over refined nickel as prices of all nickel products have also increased, a mill source in east China said.
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