SMM reported on July 29,
On July 29, the average price of SMM 8-12% high-grade NPI was 912 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, the cost of upstream smelters remained inverted, and the willingness to sell had not improved, with strong wait-and-see sentiment. On the consumption side, downstream steel mills had low acceptance of high prices, and most transactions in the market were made by traders or involved just-in-time procurement by steel mills. Overall, the recent high-grade NPI market had prices but no transactions, with downstream procurement mainly focused on just-in-time procurement and using the average price method. Looking ahead, it is expected that the upward momentum for high-grade NPI quotes within the week will be limited.
