SMM News on November 3:
On November 3, the SMM average price for 10-12% high-grade NPI was 922.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.06, down 0.03 MoM. Supply side, some upstream suppliers were eager to recover payments, and a small number of low-price transactions gradually emerged in the market. Demand side, the economic advantage of stainless steel scrap continued to expand, with downstream players mostly purchasing stainless steel scrap for production, continuously suppressing the procurement intention price for high-grade NPI. Overall, the market is awaiting price guidance from mainstream enterprises, with a strong bearish atmosphere prevailing. The market is only maintaining just-in-time procurement, and high-grade NPI prices are expected to continue declining.
