SMM December 8 news,
On December 8, the average price of SMM 10-12% high-grade NPI was 886 yuan/mtu (ex-factory, tax included), up 5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.78, up 0.03 MoM. Supply side, upstream sentiment to hold prices firm continued to rise, with transaction prices from some iron plants rebounding significantly. Demand side, most steel mills had limited acceptance of high prices, and market transactions were mostly purchases by traders. Overall, high-grade NPI prices stopped falling and rebounded, but subsequent momentum may appear insufficient.
