SMM August 25 News,
On August 25, the SMM 10-12% high-grade NPI average price was 929.5 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. The high-grade NPI market sentiment factor was 2.33, up 0.03 MoM. Today, a mainstream steel mill in South China tendered a bottom price of 940 yuan/mtu, and after the tender price was announced, it lifted the bidding and inquiry sentiment of both upstream and downstream. Supply side, upstream cost lines remain high, with a clear reluctance to budge on prices. On the consumption side, current demand is also underperforming expectations. Overall, mainstream steel mills are expected to support higher high-grade NPI quotes, while a large number of transaction prices may await further negotiations.
