SMM News, May 8,
May 8 — The SMM high-grade NPI market sentiment factor was 3.05, down 0.04 MoM. The high-grade NPI upstream sentiment factor was 3.6, down 0.04 MoM. The high-grade NPI downstream sentiment factor was 2.49, down 0.05 MoM. On the supply side, the sentiment to hold prices firm remained strong, with premiums for high-grade resources still evident and the overall divergence in supply structure intensifying. On the demand side, steel mills were cautious in purchasing, with enterprises that had already restocked before the holiday showing low willingness to purchase, and weak acceptance of high price offers. The market overall presented a standoff pattern of firm offers, cautious purchasing, and limited transactions, with prices likely to fluctuate at highs and move sideways in the short term.
