WEEKLY: China NPI prices extend gains on bullish supply outlook

China's spot prices of nickel pig iron (NPI) continued to climb during Mysteel's survey period of December 29-January 4. The survey period spanned the New Year's Day holidays between January 1-3 and a substitute workday on January 4, compressing trading activity. The rise was driven by higher bids from a key buyer and persistent concerns over raw material supply, Mysteel Global noted.

On January 4, Mysteel assessed the spot price of high-grade NPI (7-13% Ni) in Jiangsu province at Yuan 930/mtu ($133/mtu) delivered and including 13% VAT, up Yuan 15/mtu on week. The uptrend was triggered by industry leader Tsingshan Group raising its NPI purchase price. Mysteel's most recent survey revealed that