[Nickel Pig Iron Daily Review] Smelter Maintenance Fuels Shortage Expectations, High-Grade NPI Quotation Activity Increases

Published: Feb 25, 2026 13:23

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[SMM Daily Review: Smelter Maintenance Sparks Shortage Expectations, High-Grade NPI Quotation Activity Increases] February 25 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,070 yuan/mtu (ex-factory, tax included), up 16.5 yuan/mtu MoM from the previous trading day.

SMM February 25 -

On February 25, the average price of SMM 10-12% high-grade NPI was 1,070 yuan/mtu (ex-factory, tax included), up 16.5 yuan/mtu MoM from the previous trading day. The market sentiment factor for high-grade NPI was 1.97, up 0.05 MoM; the upstream sentiment factor was 2.74, up 0.03 MoM; and the downstream sentiment factor was 1.19, up 0.06 MoM. Supply side, nickel prices were strong today, and due to quota news and maintenance plans at large smelters, expectations of a supply deficit in high-grade NPI intensified. Meanwhile, as the holiday atmosphere gradually faded, upstream players actively held prices firm. Demand side, some traders were actively purchasing in anticipation of rising prices, while steel mills remained conservative with their offers, with only a few mills making tentative quotes. No large volume of transactions were concluded in the market. Overall, as the holiday atmosphere waned, although no large transactions were concluded, the price center for high-grade NPI clearly moved higher.

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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