WEEKLY: China's NPI price holds at over 1.5-year low

China's prices for high-grade nickel pig iron (NPI) remained stable over June 27July 4, sitting at their lowest level since December 2023. While trading activity stayed muted, market sources told Mysteel Global that the current level may represent a short-term bottom, as prices have neared breakeven point for both smelters and traders.

On July 4, Mysteel assessed the price of high-grade NPI (7–13% nickel content) in East China's Jiangsu province at Yuan 920/mtu ($128.4/mtu), including delivery and tax, unchanged from the previous week. Though most of the week saw little spot market movement, Mysteel learned of a major deal on Friday in