SMM December 1 News,
On December 1, the average price of SMM 10-12% high-grade NPI was 881.5 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 1.74, down 0.05 MoM. Supply side, supply remained stable, while upstream iron plants still offered no spot order prices, showing a clear intention to hold prices firm, and most traders also had no offers. Demand side, after some procurement demand was released last week, new transactions are currently hard to find in the market, and market activity has stalled again. Overall, high-grade NPI prices remain weak, but the downside room is relatively limited.
