SMM November 27 News,
On November 27, the SMM average price for 10-12% high-grade NPI was 883.5 yuan/mtu (ex-factory, tax included), down 1 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.82, down 0.02 MoM. Supply side, supply remained stable, while upstream iron plants still offered no spot orders, showing clear intentions to hold prices firm. Demand side, downstream procurement demand continued to be released during the week, with the transaction center concentrated at 880 yuan/mtu. However, despite more active buying interest, end-use consumption remained weak, and market pessimism persisted. Overall, oversupply conditions suggest high-grade NPI prices will remain under pressure in the short term.
