SMM January 14 News,
On January 14, the average price of SMM 10-12% high-grade NPI was 982.5 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 2.00, up 0.04 MoM; the upstream sentiment factor for high-grade NPI was 2.26, up 0.11 MoM; and the downstream sentiment factor for high-grade NPI was 1.75, down 0.02 MoM. Supply side, sentiment among a small number of upstream enterprises has cooled, but the overall trend of holding prices firm remains relatively clear. Demand side, pre-holiday stockpiling by downstream players has largely concluded, spot cargo demand in the market is limited, and back-and-forth negotiations between upstream and downstream are evident. Overall, high-grade NPI prices remain supported, but transaction prices for downstream procurement are slightly below expectations.
