WEEKLY: China's NPI prices rebound on sharp futures gains

China's market for high-grade nickel pig iron (NPI) rebounded this week, buoyed by sharp gains in futures prices for nickel and stainless steel in Shanghai. The rally lifted market sentiment and prompted suppliers to raise offers.

On November 6, Mysteel assessed the price of high-grade NPI with 7-13% nickel content in East China's Jiangsu province at Yuan 1,040/mtu ($156/mtu), including delivery and the 13% VAT, up Yuan 20/mtu from the prior week's assessment. The most-traded stainless steel contract on the Shanghai Futures Exchange closed Thursday's daytime