SMM October 10 news,
On October 10, the SMM average price of 10-12% high-grade NPI was 953.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.28, unchanged MoM. Supply side, smelters still showed reluctance to budge on prices, but the price center has seen a slight drop. Demand side, stainless steel sales remain under pressure, and high-grade NPI prices are suppressed by downstream margins. Cost side, ore prices have increased to some extent, providing support for high-grade NPI prices. Overall, high-grade NPI prices are under pressure, but downside room is limited.
