[Nickel Pig Iron Daily Review] Futures Hit Limit Down, Market Prices Ease, High-Grade NPI Encounters Resistance

Published: Feb 2, 2026 16:34

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[SMM Daily Review: Futures Limit Down and Market Prices Ease, High-Grade NPI Encounters Resistance] February 2 - SMM 10-12% high-grade NPI averaged 1,039 yuan/mtu (ex-factory, tax included), down 15 yuan/mtu MoM from the previous working day.

SMM February 2 News,

On February 2, the SMM average price of 10-12% high-grade NPI was 1,039 yuan/mtu (ex-factory, tax included), down 15 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.04, down 0.11 MoM; the upstream sentiment factor for high-grade NPI was 2.73, down 0.17 MoM; and the downstream sentiment factor for high-grade NPI was 1.34, down 0.05 MoM. Supply side, nickel prices and stainless steel futures hit limit-down today, some upstream traders' offers softened, and previously locked-in spot cargoes from futures-spot arbitrage may be gradually released. Demand side, stainless steel prices gave back gains, and downstream wait-and-see sentiment intensified. Overall, with futures prices experiencing wild swings, substantial trading volume may be difficult to achieve in the short term, and high-grade NPI prices are clearly under pressure.

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