[Nickel Pig Iron Daily Review] Arbitrage Selling Decreases, High-Grade NPI Quotations Gradually Return to Rationality

Published: Feb 4, 2026 16:50

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[SMM Daily Review: Arbitrage Selling Decreases, High-Grade NPI Offers Gradually Return to Rationality] February 4 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,030 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day.

SMM February 4 news,

On February 4, the average price of SMM 10-12% high-grade NPI was 1,030 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.07, up 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.79, up 0.04 MoM; and the downstream sentiment factor for high-grade NPI was 1.35, flat MoM. Supply side, market selling driven by futures arbitrage has gradually decreased, and although upstream offers were affected, they are gradually returning to normal. Demand side, previous low-price transactions have lowered downstream purchasing psychological price levels, while downstream purchasing sentiment remains cautious ahead of the Chinese New Year. Overall, market offers are gradually returning to rationality, and resistance for high-grade NPI prices is expected to ease.

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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