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On the supply side, NORNICKEL nickel premiums grew yesterday on active market trades and shrinking supply. NPI prices offered by stainless steel mills generally stood at or below 1,120 yuan/mtu (delivery to factory), while the prices quoted by domestic NPI plants remained firm. On the demand side, according to SMM research, stainless steel futures prices crashed following overseas futures prices. However, the spot prices were firm yesterday.
A stainless steel plant in east China announced that it would reduce the shipments of cold-rolled coils to the market and would continue to control the hot-rolled coil shipments. Another stainless steel mill in east China announced the closure of long-shaped product deals at noon. Since there is no obvious accumulation of social inventory, the market players are cautious about shipping and quoting. Short-term stainless steel spot prices will fall. It is expected that nickel prices will gain some support from the low market inventory in the near term.
Source: SMM