SMM January 16 News,
On January 16, the average price of SMM 10-12% high-grade NPI was 1,017.5 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 2.09, up 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.53, up 0.12 MoM; and the downstream sentiment factor for high-grade NPI was 1.64, down 0.07 MoM. Supply side, upstream offers remained at 1,050-1,100 yuan/mtu, with some iron plants still relatively firm. Demand side, most downstream steel mills purchased cautiously, with a few maintaining intended prices at 1,020-1,030 yuan/mtu delivered. Overall, the significant price increase did not match actual end-user demand, and with cautious upstream and downstream procurement and sales, the market saw limited large-volume transactions.
