SMM September 24 News,
On September 24, the average price of SMM 10-12% high-grade NPI was 955 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.37, down 0.01 MoM. Supply side, domestic smelters of high-grade NPI are still in a state of losses, and cost support remains, making smelters' offers relatively firm. Demand side, downstream stainless steel enterprises' profits are also under pressure, with weak purchase willingness recently. Coupled with sufficient inventory at most steel mills, fixed-price transactions are hard to find in the market, and transaction prices have shown a slight downward trend recently. Overall, with ample market supply and weak overall purchase and sales sentiment, high-grade NPI prices are under pressure, and the upward channel faces significant resistance. It is expected that prices may face a turning point before the National Day holiday.
