SMM June 29 news,
June 29 news, SMM’s high-grade NPI market sentiment factor was 2.09, down 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.40, down 0.04 MoM; and the downstream sentiment factor for high-grade NPI was 1.77, down 0.02 MoM. The NPI market today showed a differentiated pattern, with suppliers holding firm on high offers, downstream buyers pushing for significantly lower prices, and low-grade NPI cargoes trading at deep discounts. Tight port spot circulation supported suppliers’ offers, but alternative raw materials continued to divert rigid demand, leading to intense bargaining over transactions. The core logic of demand-side suppression remained unchanged. The price competitiveness of steel scrap and refined nickel became prominent, and steel mills shifted procurement to alternative raw materials, resulting in a wide price spread against suppliers’ high offers and making large deals hard to conclude. Overall, tight spot supply provided a floor for NPI prices, but alternative raw materials continued to divert demand. In the short term, the market maintained a pattern of firm offers, weak transactions, and continued supply-demand tug-of-war.
