SMM

SHANGHAI, Apr 24 (SMM) - The weekly average discount of high-grade NPI stood at 889 yuan/mtu against refined nickel last week, which widened by 51 yuan/mtu from a week earlier. In terms of refined nickel, nickel prices spiralled upward last week due to the impact of futures prices and a limited supply of spots for warrant delivery. Electrowinning nickel companies could gain profits owing to the expanding price difference between nickel sulphate and pure nickel. The market shall pay special attention to the commissioning of electrowinning nickel projects. In terms of NPI, the traded prices rebounded greatly after the surge in nickel prices. The stainless steel mills are expected to increase production with the improvement of their profit margins. The mills restocked more NPI since the stainless steel scrap supply decreased in the market. It is expected that the NPI prices will be stable with occasional ups. The discounts of high-grade NPI against pure nickel will shrink.