SMM November 20 News,
On November 20, the SMM average price of 10-12% high-grade NPI was 894.5 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.86, up 0.03 MoM. Supply side, as high-grade NPI prices continued to break lower, upstream iron plants struggled to offer quotes, but current production schedules remained stable. Demand side, current prices have fallen significantly, and purchasing sentiment among some downstream stainless steel mills has recovered, but overall demand remains dragged down by the off-season. Overall, market purchasing activity increased to some extent, but the oversupply structure remains unchanged, and high-grade NPI price pressures persist.
