SMM September 26 News,
On September 26, the SMM average price for 10-12% high-grade NPI was 954.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.34, down 0.02 MoM. Supply side, domestic smelters of high-grade NPI are still in a state of losses, with cost support remaining, but the reluctance to budge on prices has pulled back. Demand side, end-use consumption shows no signs of sustained improvement, and downstream stainless steel enterprises' purchase willingness remains persistently weak recently, with some low-price purchases emerging in the market. Overall, with ample market supply and weak overall buying and selling sentiment, high-grade NPI prices are under pressure.
