As of March 22, nickel pig iron (NPI) in China was recorded at Yuan 220,177/mtu ($32,232), including 1% VAT, due to the pressure from negative market sentiment in Jiangsu province.
Chinese NPI smelters do not want to cut their sales offers for ferroalloys due to the drop in pig iron sales.
Market analysts interpret that China's NPI market will continue to be adversely affected by the stagnation of stainless prices in the market, forcing the purchase prices of raw materials such as NPI to be reduced, and the decline in global nickel prices.
On March 22, the spot price of stainless cold rolled coil in Jiangsu province since March 13 has lost 300 yuan to 16,450/t ($2,408) including 13% VAT.
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