SMM July 1 News,
July 1 News, SMM high-grade NPI market sentiment factor stood at 2.03, down 0.03 MoM, the upstream sentiment factor for high-grade NPI at 2.32, down 0.04 MoM, and the downstream sentiment factor for high-grade NPI at 1.74, down 0.02 MoM. Currently, NPI spot fundamentals remain in a tight balance, and suppliers' overall offers show resilience. However, the continuous weakening of futures keeps eroding NPI's price advantage, with the overall cost-effectiveness of high-grade NPI declining steadily. Even FeNi long-term contract prices have become more favorable than those of high-grade NPI, further dampening downstream purchase willingness. The trading atmosphere is extremely sluggish, with most traders opting to suspend fixed-price quoting and market wait-and-see sentiment running high. Overall, the spot tight balance can only underpin the market, unable to reverse the weak trading pattern. The supply-demand expectations mismatch is conspicuous, and in the short term, the market will continue its stagnant, wait-and-see state with sparse transactions.
