SMM November 28 News,
On November 28, the SMM average price for 10-12% high-grade NPI was 882.5 yuan/mtu (ex-factory, tax included), down 1 yuan/mtu MoM from the previous working day. The high-grade NPI market sentiment factor was 1.79, down 0.03 MoM. Supply side, supply held steady 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. Although end-use consumption remained sluggish, high-grade NPI transaction prices did not continue to decline. Overall, high-grade NPI prices are expected to see a slowdown in declines.
