SMM November 5 News,
On November 5, the SMM average price for 10-12% high-grade NPI was 919.5 yuan/mtu (ex-factory, tax included), down 2 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.08, up 0.01 MoM. Supply side, amid the downtrend, smelters offered few quotes, but some suppliers gradually sold at low prices, with the offer center continuously shifting lower. Demand side, the economic advantage of stainless steel scrap continued to expand, prompting downstream users to mostly purchase stainless steel scrap for production, continuously suppressing the intended procurement price for high-grade NPI. Meanwhile, downstream inventory remained high, leading to reduced procurement volume recently. Overall, the market maintained just-in-time procurement, and high-grade NPI prices are expected to continue declining.
