SMM June 5 –
SMM June 5 – SMM's high-grade NPI market sentiment index stood at 2.45, flat MoM. The upstream sentiment index for high-grade NPI was 2.95, down 0.02 MoM, while the downstream sentiment index was 1.95, up 0.01 MoM. Structural divergence in the NPI market continued today. Medium- and low-grade products came under pressure from weakening futures and the substitution impact of steel scrap, while high-grade cargoes saw relatively high supply-demand acceptance and solid price support. In terms of actual transactions, the entire week lacked representative orders. Quotations for some cargoes eased slightly, while those for regular grades were mostly hollow, with sluggish trading. Overall, tight supply of high-grade resources brought a structural premium, but sluggish end-use demand and the impact of alternative raw materials suppressed market-wide transactions. In the short term, NPI remained in an overall stagnant and consolidating pattern.
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