SMM December 29 -
On December 29, the SMM average price for 10-12% high-grade NPI was 910.5 yuan/mtu (ex-factory, tax included), up 6.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.68, up 0.04 MoM. Supply side, driven by some high-priced transactions and cost support, upstream suppliers held back cargoes and maintained firm offers, continuously providing bottom support for high-grade NPI prices. Demand side, a mainstream steel mill set a tender price at 910 yuan/mtu today, with 30,000 mt traded so far, leading to some cooling in downstream sentiment. Overall, high-grade NPI prices remain supported, but the pace of future increases is expected to slow down.
