SMM November 7 News,
On November 7, the SMM average price of 10-12% high-grade NPI was 916 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 2.02, down 0.03 MoM. Supply side, amid the downtrend, smelters have stopped offering spot orders, while some traders continued to sell at low prices due to repayment needs. Demand side, some downstream buyers made small purchases of low-priced materials, but overall trading volume remained low. Mainstream steel mills announced the tender price for stainless steel scrap today, which maintained an economic advantage compared to high-grade NPI. Overall, the market maintained just-in-time procurement, and high-grade NPI prices await clear guidance.
