SMM January 9 News,
On January 9, the SMM average price of 10-12% high-grade NPI was 962 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.83, down 0.05 MoM, the upstream sentiment factor for high-grade NPI was 1.89, down 0.01 MoM, and the downstream sentiment factor for high-grade NPI was 1.78, down 0.08 MoM. Supply side, market bullish sentiment slightly weakened, but upstream still held prices firm. Demand side, downstream stainless steel profits improved but demand remained sluggish, steel mill stockpiling demand was low, and market transactions were still dominated by traders. Overall, end-use demand support was weak, but spot cargo circulation in the market was limited, leaving upside room for high-grade NPI prices.
