[SMM Analysis] China’s NPI production in metal content fell 14% MoM in November, with further decline projected in December

Published: Nov 28, 2025 23:43

Source: SMM

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In November 2025, China's NPI production in physical terms decreased 7.34% MoM, while metal content dropped 14.14% MoM.

In November 2025, China's NPI production in physical terms decreased 7.34% MoM, while metal content dropped 14.14% MoM. Both physical volume and metal content of NPI declined nationwide in November. As the traditional off-season set in, end-use consumption remained sluggish, market confidence stayed weak, stainless steel finished product selling prices continued to fall amid destocking difficulties, NPI buying interest weakened, and prices fell to a five-year low. Cost side, declining prices coupled with stubborn production costs deepened losses for high-grade NPI smelters, leading to reduced domestic NPI output.

Looking ahead, December remains within the traditional off-season and approaches year-end, with prices likely hovering at the annual bottom. Most upstream and downstream procurement and sales demand are expected to weaken MoM. Approaching year-end, multiple stainless steel enterprises have production cut plans, demand continues to shrink, and under low-price expectations, iron plants also plan production cuts. SMM expects China's NPI production in physical terms to decrease 5.22% MoM in December, with metal content down 9.93% MoM.

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.

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