SMM October 15 News,
On October 15, the average price of SMM 10-12% high-grade NPI was 943 yuan/mtu (ex-factory, tax included), down 4.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.34, up 0.02 MoM. Supply side, after mainstream steel mills announced tender prices, although domestic smelters maintained a high psychological price level despite losses, their reluctance to budge on prices weakened amid market pressure, and the price center moved lower MoM. Demand side, most stainless steel mills followed the 945 yuan/mtu offer, with some transactions already concluded, but downstream players remained bearish on future prices. Overall, despite cost support, high-grade NPI prices are expected to have further downside room amid macro weakness and end-use consumption pressure.
