SMM November 12 News,
On November 12, the SMM average price of 10-12% high-grade NPI was 909 yuan/mtu (ex-factory, tax included), down 3 yuan/mtu from the previous working day. The market sentiment factor for high-grade NPI was 1.92, down 0.02 MoM. Supply side, some traders continued to sell at low prices, the transaction center of the market continued to decline, and offers from iron plants also decreased. Demand side, current downstream inventory is high, port inventory is also at a high level, and downstream enterprises are purchasing cautiously, making it difficult to see large transactions in the market. Overall, in the off-season atmosphere, high-grade NPI prices are expected to remain under pressure.
