[SMM Announcement] Announcement on the Addition of High-Grade NPI Segment-Specific Inventory and Discontinuation of Semi-Monthly Inventory Data Points

Published: Oct 29, 2025 17:56

Source: SMM

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To further optimize our data service quality, improve the data sample structure, and enhance the scientific nature of update frequencies, after careful consideration, SMM has decided that, effective November 30, 2025, the following semi-monthly SMM Nickel Pig Iron (NPI) inventory data points will be discontinued:

Dear User,

Greetings!

To further optimize our data service quality, improve the data sample structure, and enhance the scientific nature of update frequencies, after careful consideration, SMM has decided that, effective November 30, 2025, the following semi-monthly SMM Nickel Pig Iron (NPI) inventory data points will be discontinued:

Nickel-Nickel Iron-Inventory-SMM Nickel Pig Iron Inventory-SMM NPI Inventories Major Markets（physical tons)

Nickel-Nickel Iron-Inventory-SMM Nickel Pig Iron Inventory-NPI Grade

Nickel-Nickel Iron-Inventory-SMM Nickel Pig Iron Inventory-SMM NPI Inventories Major Markets（metal tons）

Nickel-Nickel Iron-Inventory-SMM Nickel Pig Iron Inventory-NPI Inventory Change

Nickel-Nickel Iron-Inventory-SMM Nickel Pig Iron Inventory-NPI Inventories MOM

The aforementioned data points will receive their final update on November 30, 2025, and will no longer be maintained thereafter. Concurrently, to provide a more comprehensive and detailed reflection of the inventory distribution and flow within the high-grade NPI market, and to assist you in accurately grasping the industry's supply-demand pattern, Shanghai Metals Market (SMM) will launch new weekly segment-specific high-grade NPI inventory data, tailored to market needs, officially starting on October 29, 2025. The specific data points are as follows:

SMM: High-Grade NPI Inventory by Segment: Upstream - Weekly

SMM: High-Grade NPI Inventory by Segment: Downstream - Weekly

SMM: High-Grade NPI Inventory by Segment: Integrated - Weekly

SMM: High-Grade NPI Inventory by Segment: Port - Weekly

SMM: High-Grade NPI Inventory by Segment: Other - Weekly

These datasets will be updated on the fourth working day of each week. Through monitoring inventory across dimensions such as upstream producers, downstream processing enterprises, integrated producers, port bonded and trade segments, and other specific scenarios, they will provide you with a full-chain distribution profile of high-grade NPI inventory, assisting you in making more precise judgments on market pace for decisions related to production, trade, investment, and more.

Furthermore, historical data for the discontinued data points mentioned above will continue to be preserved in the SMM database. If you have requirements for historical data queries or related business consultations, please feel free to contact Thomas Feng, Senior Research Manager of the SMM Nickel Industry Research Department (Tel: 021-51666714, Email: fengdisheng@smm.cn), or Liya Zhang , NPI & FeNi Analyst of the SMM Nickel Industry Research Department (Tel: 021-20707929; Email: zhangtongxu@smm.cn). Thank you for your understanding and support!

SMM Nickel Industry Research Team

October 29, 2025

NPI

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

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