[NPI Daily Review] Price Spread Between Upstream and Downstream Widens, Pre-Holiday Market Sluggish with Few Transactions

Published: Feb 9, 2026 11:53

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[SMM Daily Review: Widening Price Gap Between Upstream and Downstream Leads to Sluggish Pre-Holiday Market with Few Deals] February 9 (SMM) - The average price of SMM 10-12% high-grade NPI stood at 1,040 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

SMM February 9 News,

On February 9, the SMM average price of 10-12% high-grade NPI was 1,040 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.03, down 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.8, down 0.04 MoM; the downstream sentiment factor for high-grade NPI was 1.25, down 0.03 MoM. Supply side, market offers were basically flat, and with ore prices rising significantly, high-grade NPI prices were supported by costs. Demand side, terminal performance was sluggish, downstream enterprises had basically no stockpiling demand before the holiday, and purchasing sentiment was quiet. Overall, the price spread between upstream and downstream intentions widened, and the market was sluggish before the holiday, making transactions difficult.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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