SMM January 5 News,
On January 5, the SMM average price of 10-12% high-grade NPI was 927.5 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 1.77, down 0.01 MoM; the upstream sentiment factor for high-grade NPI was 1.5, up 0.03 MoM; and the downstream sentiment factor for high-grade NPI was 2.05, down 0.04 MoM. Supply side, on the first trading day after the New Year, futures opened higher with a gap, and bullish market sentiment persisted, with upstream offers remaining high. Demand side, purchase willingness among downstream large steel mills was sluggish, with only small special steel mills conducting necessary restocking, and spot order transaction prices in the market were high. Overall, high-grade NPI prices remained supported, but substantial transactions were hard to find in the market.
