SMM October 14 News,
On October 14, the average price of SMM 10-12% high-grade NPI was 947.5 yuan/mtu (ex-factory, tax included), down 3.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.32, up 0.03 MoM. Supply side, after the mainstream steel mills' tender prices were announced, although domestic smelters maintained a high psychological price level amid losses, their reluctance to budge on prices weakened amid market pressure. Demand side, most stainless steel mills in the market followed the offer of 945 yuan/mtu, with some transactions already concluded, and downstream end-users remain bearish on future prices. Overall, although cost support persists, high-grade NPI prices are expected to have further downside room under the dual pressure of a weakening macro environment and end-use consumption.
