SHANGHAI, Nov 29 – The SMM average price of 8-12% high-grade NPI stood at 1,455 yuan/mtu (ex-works, including tax) as of Friday November 26, down 12.5 yuan/mtu from a week earlier; and the average price of Indonesia high-grade NPI stood at 1,455 yuan/mtu (including tax, delivery to ports), 10 yuan/mtu lower than a week earlier. There was no transaction that could denote the mainstream prices in the market last week. Recently, a steel mill in east China purchased thousands of tonnes of cargoes at 1,460 yuan/mtu (including tax on arrival). The market sentiment weakened and the NPI prices trended lower.
On the supply side, the current cost pressure of NPI plants has eased as the prices of raw materials have dropped, growing the production enthusiasm. However, the cost of NPI plants in some areas remains above 1,400 yuan/mtu, and this prompted them to raise the prices.
On the demand side, the downstream orders for stainless steel have weakened, and the prices have fallen sharply. The profits of steel mills shrunk, and some even incurred losses. Therefore, steel mills pushed for lower prices of raw materials, and the prices of NPI could hardly rise. The current NPI supply has been in a slight surplus. This, coupled with the weaker cost support, will keep high-grade NPI prices rangebound at low levels in the short term. The mainstream prices of high-grade NPI are expected to stand at 1,420-1,450 yuan/mtu (ex-factory, including tax) this week.
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