SMM reported on April 29,
that on April 29, the average price of SMM 8-12% high-grade NPI was 967.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day. Supply side, domestically, smelter profits have begun to tighten, and the losses of high-cost smelters have further deepened, resulting in smelters maintaining low production levels. In Indonesia, domestic trade premiums continue to hold up well, further increasing the cost burden on smelters. With weakening profits and even losses, there is significant resistance to an increase in Indonesia's production, and there is an expectation of a decline in metal content. Demand side, before the Labour Day holiday, there was no demand for stainless steel pre-holiday stocking. Stainless steel spot prices remained in the doldrums, and stainless steel mills' purchases of high-grade NPI were sluggish. Some steel mills' forward raw material stocking needs have already been met. It is expected that in the short term, high-grade NPI will continue to be affected by the weak downstream stainless steel market, and prices will remain in a weak trend.
》Subscribe to view SMM metal spot historical prices
