SMM reported on August 11,
On August 11, the average price of SMM 10-12% high-grade NPI was 919 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. Supply side, domestic upstream refineries and traders continued to raise their quotes, with enterprises' intended prices remaining high. On the consumption side, shipments arriving from Indonesia continued to be sold at high prices. Meanwhile, driven by rising expectations for US Fed interest rate cut in August, stainless steel futures prices increased, further driving up quotes. Overall, the quotes for high-grade NPI continued to rise, and it is expected that the upward trend will continue this week.
