WEEKLY: China's NPI price gains narrow

The recent price rally in China's market for high-grade nickel pig iron (NPI) lost momentum this week, as bullish sentiment driven by earlier gains in futures markets waned amid weaker stainless steel futures and broadly stable nickel futures in Shanghai. Meanwhile, expectations of output cuts by Indonesian smelters continued to lend support to NPI prices.

On November 13, Mysteel assessed the price of high-grade NPI with 7-13% nickel content in East China's Jiangsu province at Yuan 1,050/mtu ($157/mtu), including delivery and 13% VAT, up Yuan 10/mtu from the previous week's assessment. The most-traded stainless steel contract on the Shanghai Futures Exchange closed Thursday's daytime session