SMM September 9 news,
September 9 news, the SMM average price of 10-12% high-grade NPI was 950.5 yuan/mtu (ex-factory, tax included), up 5 yuan/mtu from the previous working day. The market sentiment factor for high-grade NPI stood at 2.48, up 0.01 MoM. Today, the tender prices of mainstream downstream enterprises in South China were released, accompanied by certain high-priced procurement volumes, driving market prices higher. Supply side, although auxiliary material prices declined recently, nickel ore is expected to rise, keeping cost support relatively firm. Demand side, the tender prices of mainstream downstream enterprises increased, and stainless steel consumption gradually improved, also providing upward momentum for high-grade NPI prices. Overall, high-grade NPI prices are expected to have further upside in the short term.
