SMM September 29 News,
On September 29, the SMM average price of 10-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.33, down 0.01 MoM. Supply side, supported by cost and expectations of tight ore supply, market offers, although showing a downward trend, remained generally firm. Demand side, stainless steel finished product prices declined MoM, downstream profit margins suppressed purchase prices, and with the long holiday approaching, market trading activity was relatively light, putting pressure on high-grade NPI prices. Overall, end-use consumption underperformed in peak season, leading to some decline in high-grade NPI prices; however, combined with cost support during the traditional peak season, high-grade NPI prices are expected to resist significant declines in the short term.
