SMM November 21 News,
On November 21, the SMM average price of 10-12% high-grade NPI was 890.5 yuan/mtu (ex-factory, tax included), down 4 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, as high-grade NPI prices continued to break downward, upstream iron plants struggled to offer quotes, but current production schedules remained stable. Demand side, a mainstream steel mill set a tender price of 880 yuan/mtu and concluded deals for several 10kt, with some downstream stainless steel mills actively inquiring. However, the contradiction between upstream and downstream has become prominent, making it difficult to see more transactions. Overall, market purchasing activity increased to some extent, but the oversupply pattern remained unchanged, and high-grade NPI prices still faced pressure.
