SMM reported on August 13,
On August 13, the average price of SMM 10-12% high-grade NPI was 923 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu from the previous working day. Supply side, domestic upstream refineries and traders continued to refuse to budge on prices, maintaining a mindset of holding back cargoes. On the consumption side, while there were high-price transactions in the market, there were also concerns that end-use consumption fell short of expectations, making it difficult to provide strong support for prices. Overall, the price of high-grade NPI continued to rise, but fundamental support had yet to emerge.
