WEEKLY: China NPI prices drift lower on weak demand

China's high-grade NPI prices weakened further during Mysteel's survey week of September 20-24 as stainless steel mills pressed down hard on raw material costs. September 20 was a substitute working day for the National Day holiday during October 1-7, while September 24 was the last working day before the Mid-Autumn Festival over September 25-27.

On September 24, Mysteel assessed the price of high-grade NPI with 7-13% nickel content in East China's Jiangsu province at Yuan 1,065/mtu ($159/mtu) including delivery and tax, lower by Yuan 5/mtu from the prior week. Traded volumes remained thin. On the supply side, nickel smelters located in the Indonesia Morowali