SMM November 10 News,
On November 10, the SMM average price for 10-12% high-grade NPI was 914.5 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 1.98, down 0.04 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, pushing market offers lower. Demand side, some downstream buyers made small purchases of low-priced cargoes, but wait-and-see sentiment remained strong, awaiting guidance from mainstream prices. Overall, the price center for high-grade NPI continued to decline, with bearish sentiment persisting during the off-season.
