[NPI Daily Review] High-Grade NPI Prices Supported by Costs, but Trading Sluggish on First Day After Holiday

Published: Feb 24, 2026 15:08

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[SMM Daily Review: High-Grade NPI Prices Supported by Costs, but Trading Sluggish on First Day After Holiday] Feb. 24 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,053.5 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous trading day.

SMM February 24 News,

On February 24, the SMM average price of 10-12% high-grade NPI was 1,053.5 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous trading day. The market sentiment factor for high-grade NPI was 1.92, flat MoM; the upstream sentiment factor for high-grade NPI was 2.71, flat MoM; and the downstream sentiment factor for high-grade NPI was 1.13, flat MoM. Supply side, on the first trading day after the holiday, some upstream enterprises began to test offers, and market quotations remained firm amid cost support from nickel ore. Demand side, post-holiday demand recovery remains unclear, downstream procurement has not yet resumed, and the market lacks actual concluded deals. Overall, trading on the first trading day after the holiday was still relatively sluggish, but supported by rising nickel ore prices, the price center for high-grade NPI continued to rise.

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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