SMM August 21 News,
On August 21, the SMM 10-12% high-grade NPI average price was 928 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. The high-grade NPI market sentiment factor was 2.29, up 0.01 MoM. Supply side, there has been a shortage of 8-11% grade high-grade NPI in the domestic market recently, while higher-grade supplies are abundant, leading to higher domestic prices. Demand side, macro sentiment pulled back, and downstream enterprises are still in the inventory digestion phase, with most downstream stainless steel mills showing low acceptance of high prices. Overall, the price center of the high-grade NPI market remains high recently, but procurement demand from downstream enterprises has yet to materialize.
