WEEKLY: Trader selloff pushes China NPI price below cost floor

China's spot prices for high-grade nickel pig iron (NPI) fell this week, pressured by trader sell-offs, even as higher nickel ore costs squeezed producer margins, according to Mysteel's latest survey.

On February 6, Mysteel assessed the price of high-grade NPI with 7-13% nickel content in East China's Jiangsu province at Yuan 1,050/mtu ($151/mtu) including delivery and tax, lower by Yuan 25/mtu from the previous week. The decline was triggered by falling nickel and stainless steel futures prices on the Shanghai