Daily Market Price Updates and Commentary 28th May 2025

Raw Market Update

N5 opened at initially edged up to a session high of 17.30, but early gains quickly gave way to sustained selling pressure. With little follow-through buying and limited origin activity, the contract spent most of the morning drifting lower on light but consistent trade around 17.10. A brief period of sideways action mid-morning anchored around the 17.10–17.14 band failed to inspire any directional conviction, leaving the market vulnerable to a deeper push lower. As the US session progressed, sellers steadily chipped away at support, and then larger volumes dragged the market to the day’s low of 16.85 just before the close. While the final minutes saw a modest bounce into 16.90 on light short-term covering, the tone remains broadly weak. A lack of fresh bullish catalysts, combined with weakening demand and sluggish commodity sentiment, likely contributed to the day’s erosion. With the contract’s last price just above the low, N5 remains technically fragile heading into the next session, particularly with speculative positioning showing little urgency to defend recent support levels. 

White Market Update

The day began with a relatively steady tone as the contract hovered near opening levels of 482.9 during the early hours, showing little urgency in either direction. However, as the morning progressed, sentiment began to turn increasingly bearish, with sellers gradually gaining control and prices steadily losing ground. Momentum picked up notably after midday, with a wave of persistent selling dragging Q5 down by over $10/mt from its early session highs. The steepest declines came in the latter part of the session, as the contract broke below key support levels and tested fresh multi-week lows at 470.20. Despite a modest bounce into the final minutes, the close at 471.70 still marked a significant decline on the day. The pronounced sell-off likely reflects a combination of long liquidation, continued macro softness, and weak appetite from buyers. With today’s bearish break, the market now eyes 470.00 as a psychological pivot, with bulls needing to reclaim ground quickly to avoid deeper downside follow-through.