Market quotes for high-nickel pig iron are softening under terminal suppression

From the supply side, although production costs remain high, weak terminal demand has weighed on prices, causing some upstream traders’ quotes to loosen. From the demand side, stainless steel finished product prices have broadly fallen, and with steel mills facing cost inversion, their intended prices for purchasing high-nickel pig iron have fallen again, suppressing the upside potential above high-nickel pig iron prices. Overall, while there is still support at the bottom of high-nickel pig iron prices, market quotes have loosened under pressure from the terminal. (SMM)

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