SMM November 6 News,
On November 6, the SMM average price for 10-12% high-grade NPI was 917.5 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 2.05, down 0.03 MoM. Supply side, amid the downtrend, smelters offered few quotes, but some suppliers gradually sold at low prices, with low-price transactions emerging again recently. Demand side, some downstream buyers made small purchases of low-priced material, but mainstream steel mills maintained a wait-and-see sentiment, and overall market trading volume remained low. In general, the market maintained just-in-time procurement, and high-grade NPI prices are expected to have further downside room.
