[NPI Daily Review] Futures Rise Slightly But Market Structure Remains Unchanged High-Grade NPI Prices Rise Slightly

Published: Feb 11, 2026 14:47

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[Market Daily: Futures Rise but Market Structure Unchanged, High-Grade NPI Price Rises Slightly] February 11 (SMM) - The average price of 10-12% high-grade NPI was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day.

SMM February 11 news,

SMM February 11 news, the average price of SMM 10-12% high-grade NPI was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day. The high-grade NPI market sentiment factor was 1.95, down 0.03 MoM, the upstream sentiment factor for high-grade NPI was 2.72, down 0.03 MoM, and the downstream sentiment factor for high-grade NPI was 1.17, down 0.03 MoM. Supply side, NPI futures rose again amid news of nickel ore quotas, supporting firm market offers. Demand side, there was some restocking amid bullish sentiment, but overall market liquidity remained poor. Overall, the pattern of poor market liquidity before the holiday persisted, and high-grade NPI prices rose slightly driven by futures and macro sentiment.

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