SMM December 25 News,
On December 25, the SMM average price for 10-12% high-grade NPI was 899 yuan/mtu (ex-factory, tax included), up 6 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.62, down 0.02 MoM. Supply side, supported by some high-priced transactions and cost underpinning, upstream offers remained firm, providing a floor for high-grade NPI prices. Demand side, some small steel mills conducted necessary restocking, with transaction prices around 920-930 yuan/mtu delivered to the plant, and some traders also made small purchases. However, mainstream steel mills showed no purchase willingness. Overall, the price center for high-grade NPI returned to above 900 yuan/mtu, but with weak downstream buying interest, a sustained upward momentum is expected to be lacking.
