SMM September 17 -
On September 17, the SMM average price for 10-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), flat from the previous working day. The market sentiment factor for high-grade NPI was 2.43, down 0.01 MoM. Supply side, auxiliary material prices ended their decline, with cost support coupled with traditional peak season support, smelters' offers remained firm. Demand side, downstream stockpiling for October was largely completed, with few fixed-price purchases recently, and market trading was quiet. Overall, prices faced resistance to rise, but with stainless steel continuing destocking, prices are expected to remain firm.
