SMM October 30 News,
On October 30, the average price of SMM 10-12% high-grade NPI was 924.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.11, down 0.02 MoM. Supply side, upstream enterprises held back cargoes due to losses, with current offers largely flat MoM. Demand side, most downstream enterprises showed strong wait-and-see sentiment, and stainless steel enterprises had production cut plans, reducing demand and making them less eager to purchase. Overall, high-grade NPI price declines slowed down amid cost support, but prices remain under pressure in the long term, more likely to fall than rise.
