SMM January 26 News,
On January 26, the SMM average price for 10-12% high-grade NPI was 1,050 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.22, up 0.04 MoM; the upstream sentiment factor for high-grade NPI was 2.92, up 0.08 MoM; and the downstream sentiment factor for high-grade NPI was 1.53, flat MoM. Supply side, futures prices remained high, driven by macro sentiment and cost support, smelters continued to raise offers, with market offers rising above 1,000 yuan/mtu, and indicative prices of 1,120-1,140 yuan/mtu emerging. Demand side, downstream buyers still found it difficult to accept prices above 1,100 yuan/mtu, and actual market transactions remained below 1,100 yuan/mtu. Overall, high-grade NPI prices continued to climb.
