SMM August 18 News,
On August 18, the SMM 10-12% high-grade NPI average price was 926 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. Supply side, domestic upstream smelters and traders continue to hold back cargoes, but with macro sentiment pulling back and end-use consumption recovery falling short of expectations, the reluctance to budge on prices is showing signs of weakening. On the demand side, there has been some downstream trading recently, and a divergence in prices between domestic smelters and Indonesian sources has emerged. Overall, upstream and downstream enterprises are in a tug-of-war, and high-grade NPI prices remain at an impasse.
