SMM December 26 -
On December 26, the SMM average price for 10-12% high-grade NPI was 904 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 1.64, up 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 from steel mills around 920-930 yuan/mtu delivered, and some traders made small purchases at low prices, but mainstream steel mills showed no purchase willingness. Overall, the price center for high-grade NPI returned above 900 yuan/mtu, with further upside room expected in the short term.
