SMM November 18 -
On November 18, the SMM average price of 10-12% high-grade NPI was 899.5 yuan/mtu (ex-factory, tax included), down 3 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.85, down 0.01 MoM. Supply side, current high-grade NPI prices have fallen below historical lows, and market sentiment remains weak, with upstream suppliers' offers likely to continue declining. Demand side, downstream buyers rush to buy amid continuous price rise and hold back amid price downturn, and recent market trading volume remains low, with only a small amount of low-price transactions occurring. Overall, market trading activity remains insufficient, and high-grade NPI prices are expected to remain under pressure.
