SMM January 7 News,
On January 7, the average price of SMM 10-12% high-grade NPI was 947.5 yuan/mtu (ex-factory, tax included), up 12.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.93, up 0.11 MoM; the upstream sentiment factor for high-grade NPI was 1.77, up 0.2 MoM; and the downstream sentiment factor for high-grade NPI was 2.09, up 0.02 MoM. Supply side, futures surged to limit-up, upstream actively held prices firm, and sentiment improved significantly. Demand side, downstream rigid demand restocking combined with arbitrage demand, transaction prices in the high-grade NPI market continued to rise. Overall, driven by futures, high-grade NPI prices continued to rise.
