SMM: High-Grade NPI Prices and Sentiment Stable, Downstream Factor Dips Slightly

Published: Feb 9, 2026 16:45

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[SMM Nickel Flash] On February 9, SMM reported that the 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.

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