SMM October 16 News,
On October 16, the average price of SMM 10-12% high-grade NPI was 938 yuan/mtu (ex-factory, tax included), down 5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.35, up 0.01 MoM. Supply side, upstream offers continued to weaken, with some higher-priced quotations seeing no transactions. In the declining market, some traders were eager to sell, further dragging down market offers. Demand side, stainless steel futures prices fell, and downstream enterprises' acceptance of high-grade NPI prices weakened, with the market continuing to be bearish. Overall, end-user prices weakened, and high-grade NPI production costs could no longer support prices, with high-grade NPI prices expected to gradually decline.
