[Nickel Pig Iron Daily Review] Market Sluggish Pre-Holiday with Only Minor Trader Stockpiling; High-Grade NPI Prices Hold Steady

SMM February 10 News,      

   On February 10, the average price of SMM 10-12% high-grade NPI was 1,041 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.98, down 0.05 MoM, the upstream sentiment factor for high-grade NPI was 2.75, down 0.05 MoM, and the downstream sentiment factor for high-grade NPI was 1.20, down 0.05 MoM. Supply side, market offers were basically flat, and with ore prices rising significantly, high-grade NPI prices were supported by costs. Demand side, terminal performance was sluggish, downstream enterprises had basically no stockpiling demand before the holiday, procurement sentiment was quiet, with only a few traders having a bullish stockpiling mentality. Overall, the price spread between upstream and downstream intentions widened, and the market was sluggish before the holiday with few transactions.