SMM

SHANGHAI, Jan 3 (SMM) - Last Friday, the average price of SMM 8-12% high-grade NPI was 1,360 yuan/mtu (ex-factory, including tax), flat from the previous trading day, but up 5 yuan/mtu from the previous Friday. Large steel mills restocked some NPI last week. On the demand side, stainless steel inventory in the market rose as the spot trading was slack. But the market holds a bullish outlook for the transactions this week. On the supply side, NPI plants did not suffer huge inventory pressure thanks to the downstream companies’ intensive restocking earlier and the pre-holiday stockpiling of some nearby alloy manufacturers. In addition, the overall stainless steel prices picked up somewhat, which encouraged the NPI factories to quote high NPI prices. In terms of costs, nickel ore prices remained stable last week, offering some support for NPI prices. At present, the overall price of NPI edges higher. Yet the NPI plants still quoted low, which was still unacceptable for the steel mills. Nonetheless, some steel mills will restock NPI in January 2023. The market shall pay attention to NPI purchases in the near future. The mainstream prices of NPI will move between 1,340-1,370 yuan/mtu (ex-factory, including tax) this week.