SMM December 11 News,
On December 11, the SMM average price of 10-12% high-grade NPI was 888.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.70, down 0.05 MoM. Supply side, although upstream offers generally increased, it was difficult to close deals, with most transactions in the market concluded around the average price. Demand side, pressured by weak end-use consumption, downstream steel mills' purchase willingness remained sluggish, and most steel mills found it hard to accept prices above 900 yuan/mtu. Overall, the contradiction between upstream and downstream in the market was evident; although the price center of high-grade NPI moved up, market transactions were sluggish.
