SMM October 9 news,
On October 9, the SMM average price of 10-12% high-grade NPI was 953.5 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 2.28, down 0.03 MoM. Supply side, smelters still showed reluctance to budge on prices, but the price center has dropped slightly. Demand side, stainless steel finished product prices are more likely to fall than rise, and high-grade NPI prices are suppressed by downstream profits. After the National Day holiday, the wait-and-see sentiment remains strong. Overall, high-grade NPI prices in October are more likely to fall than rise, and are expected to show a gradual downward trend.
