WEEKLY: China NPI price hits 9-month high on Indonesia quota cut

China's spot prices of nickel pig iron (NPI) surged to a nine-month high during Mysteel's most recent survey period covering January 12-16. The gains were driven by market fears of tightening nickel supply from Indonesia after the country announced a substantial cut in its annual nickel ore mining quotas, Mysteel Global learned.

On January 16, Mysteel assessed the spot price of high-grade NPI (7-13% Ni) in Jiangsu province at Yuan 1,030/mtu ($148/mtu), including delivery and the 13% VAT, higher by a substantial Yuan 55/mtu on week. Indonesia's Ministry of Energy and Mineral Resources (ESDM) revealed an initial decision to set the nickel