Macro sentiment drives bullish expectations, with the center of quoted prices for high-grade NPI moving upwards [Daily Review of NPI]

SMM July 23 news,

       July 23, SMMaverage price stood at 907.5 yuan/mtu (ex-factory, tax included), up 4.5 yuan/mtu from the previous working day. Supply side, smelters maintained low operating rates amid prolonged losses, while Indonesian NPI output also declined in July. Domestic upstream enterprises held back cargoes after enduring long-term losses, resulting in relatively tight short-term market availability. Demand side, stainless steel price recovery improved steel mill profits, fueling positive demand outlook. Overall, with macro supply-side reform expectations, market pessimism eased as some traders built inventories. Both selling and purchasing sentiment showed moderate improvement, with weekly prices continuing upward tests and offer centers edging higher.