Market sentiment was wait-and-see before the holiday, with sluggish inquiries. Short-term high-grade NPI prices may be in the doldrums. [Daily Review of NPI]

SMM reported on April 30,

      that on April 30, 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 margins weakening and even entering losses, there is significant resistance to an increase in production in Indonesia, and there is an expectation of a decline in metal content. Demand side, there was no pre-Labour Day holiday stocking demand for stainless steel. Spot prices of stainless steel remained in the doldrums, and stainless steel mills' procurement of high-grade NPI was 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 weakening trend.