SMM October 13 News,
On October 13, the SMM average price for 10-12% high-grade NPI was 951 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.29, up 0.01 MoM. Last week, a mainstream steel mill issued a tender price, down 10 yuan/mtu MoM, driving down the center of market quotations. Supply side, smelters offered fewer quotes amid a wait-and-see sentiment, but most traders' quotation centers were concentrated at 945 yuan/mtu. Demand side, guided by the mainstream steel mill's price, most stainless steel enterprises followed this price, and market inquiry and offer activity saw some rise today.
