Tight nickel pig iron supply pushes China prices higher

Aug 08, 2013 | 11:12 AM |

Tags  nickel pig iron, NPI, Jiuquan Iron & Steel, Zhangjiagang Pohang Stainless Steel, nickel ore

SHANGHAI — Nickel pig iron (NPI) pricing has rebounded in China after stainless steel mills increased their purchase prices due to tight supply of the raw material.

Most stainless steel mills began to raise their NPI purchase prices in late July, and have increased their bids in August to secure material for restocking.

Jiuquan Iron & Steel (Group) Co. Ltd. lifted its bid price for high-grade NPI (nickel content 10 to 15 percent) this past week by 40 yuan ($6.50) to 960 yuan ($157) per nickel unit, including delivery, more than expected, giving the biggest boost yet to market sentiment, sources told AMM sister publication Metal Bulletin.....

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