SHANGHAI Stainless steel
mills in China have cut their bids for November nickel pig iron
(NPI) after nickel prices fell on the London Metal
Medium-sized stainless steel
producers, including Tsingshan Steel Group and Zhangjiagang
Pohang Stainless Steel Co. Ltd., put the latest bid price for
benchmark high-grade nickel pig iron (with a nickel content of
10 to 15 percent) at 1,170 to 1,200 yuan ($187 to $192) per
nickel unit, including delivery, sources told AMM
sister publication Metal Bulletin, down 10 to 20 yuan
($1.60 to $3.20) from last month.
"Due to weak LME nickel prices,
as well as bearish downstream demand, Im worried that
spot prices for NPI will continue to lose ground in the near
term," a trader in Shandong said.
Market sentiment weakened in
October after nickel prices fell more than 12 percent, with LME
three-month nickel ending the month at $16,275 per tonne, down
12.5 percent from $18,600 at the beginning of the month. The
metal ended Mondays official session at $15,855 per
A version of this article was first published by AMM
sister publication Metal Bulletin.