SMM December 2 news,
On December 2, the average price of SMM 10-12% high-grade NPI was 881.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.74, flat MoM. Supply side, upstream offers remained scarce, with most suppliers and iron plants holding back cargoes. Demand side, steel mill inventory remained high, with limited procurement demand, and a slight rebound in offers for small procurement needs. Overall, high-grade NPI prices held steady temporarily, but with high upstream and downstream inventory, a significant recovery in prices may be difficult to see in the short term.
