[NPI Daily Review] Early Arbitrage Activities Trigger Sell-Off, High-Grade NPI Offers Plunge Sharply

Published: Feb 3, 2026 14:09

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[SMM Daily Review: Early Arbitrage Activities Triggered Sell-offs, High-Grade NPI Offers Plunge Sharply] February 3 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,032.5 yuan/mtu (ex-factory, tax included), down 6.5 yuan/mtu MoM from the previous working day.

SMM February 3 News,

On February 3, the average price of SMM 10-12% high-grade NPI was 1,032.5 yuan/mtu (ex-factory, tax included), down 6.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.05, up 0.01 MoM; the upstream sentiment factor for high-grade NPI was 2.75, up 0.02 MoM; and the downstream sentiment factor for high-grade NPI was 1.35, up 0.01 MoM. Supply side, futures prices showed little sign of rising, arbitrage activities triggered some selling, and market offers fell sharply. Demand side, stainless steel scrap followed the decline, demand was low ahead of the Chinese New Year, and downstream steel mills were cautious in purchasing amid the falling trend. Overall, market offers declined significantly, but the overall trading volume was low.

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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