SMM Review: High-Grade NPI Prices Decline Amid Supply-Demand Imbance

Published: Nov 21, 2025 18:31

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[SMM High-Grade NPI Weekly Review] Supply side, high-grade NPI prices continued to decline, with upstream iron plants still refraining from spot order quotations. The current price level has led some Indonesian NPI smelters to face losses, resulting in low willingness to sell. Demand side, during the week, mainstream steel mills issued tender prices to procure several 10kt, which boosted the rebound in downstream inquiries. However, overall transactions remained limited. The supply-demand imbalance in the market deepened, and the oversupply pattern remained unchanged. Looking ahead to next week, downstream demand is expected to remain relatively weak, while supply remains relatively stable. High-grade NPI prices are expected to continue facing upward pressure.

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