SMM September 11—
On September 11, the SMM average price of 10-12% high-grade NPI was 953.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day. The market sentiment factor for high-grade NPI was 2.47, down 0.01 MoM. Supply side, cost lines remained firm, and upstream enterprises still showed some willingness to refuse to budge on prices. Demand side, downstream enterprises made few purchases recently, and purchase willingness remained low amid the upward price trend. Overall, high-grade NPI is expected to maintain its upward trend, but the increase may be limited.
