[NPI Daily Review] Pre-Holiday Market Activity Significantly Increased, High-Grade NPI Prices Rose MoM

Published: Feb 12, 2026 11:54

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[SMM Daily Review: Pre-Holiday Market Activity Rises Significantly, High-Grade NPI Price Up MoM] February 12 - The average price of SMM 10-12% high-grade NPI was 1,051.5 yuan/mtu (ex-factory, tax included), up 8.5 yuan/mtu MoM from the previous working day.

SMM February 12 News,

February 12 News, SMM 10-12% High-Grade NPI Average Price at 1,051.5 Yuan Per Nickel Point (Ex-Factory, Tax Included), Up 8.5 Yuan Per Nickel Point Compared to the Previous Working Day. The High-Grade NPI Market Sentiment Factor Was 1.99, Up 0.04 Month-on-Month, the Upstream Sentiment Factor for High-Grade NPI Was 2.79, Up 0.07 Month-on-Month, and the Downstream Sentiment Factor Was 1.19, Up 0.02 Month-on-Month. Supply Side, Nickel Ore Quota News Was Finalized, Futures Prices Remained Stable, Expectations for Nickel Ore Tightness Rose, and Cost Support Drove Upstream Quotations Higher, with Expectations Rising Significantly After the New Year. Demand Side, Most Stainless Steel Mills Maintained a Wait-and-See Approach, but Significantly Rising Expectations Drove Market Traders' Purchasing Sentiment, Leading to a Noticeable Increase in Market Activity. Overall, Market Activity Rose Again Before the New Year, with Transaction Prices Up Month-on-Month.

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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