SMM July 7 –
July 7 – SMM high-grade NPI market sentiment factor stood at 1.99, flat MoM, the high-grade NPI upstream sentiment factor stood at 2.25, flat MoM, and the high-grade NPI downstream sentiment factor stood at 1.73, flat MoM. On that day, the spot high-grade NPI market was overall sluggish. The traditional off-season for stainless steel continued to suppress downstream purchase willingness, and a strong wait-and-see sentiment prevailed among buyers and sellers in the market, resulting in very few transactions. Market feedback indicated that both buying and selling encountered hurdles. On one hand, spot cargoes in circulation were relatively scarce; on the other hand, downstream steel mills' procurement demand contracted due to the off-season, making it difficult to conclude actual deals. In the short term, the futures' sideways movement was unlikely to drive a recovery in spot trading. The market would probably remain in a stalemate with a wait-and-see pattern, and prices would mainly consolidate on a subdued note within a range.
![[SMM Nickel Intermediate Product Daily Review] On July 7, MHP and high-grade nickel matte nickel prices and cobalt prices fell](https://imgqn.smm.cn/usercenter/OjGlE20251217171734.jpg)
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