[NPI Daily Review] Upstream Costs Increase, Hold Back Cargoes, High-Grade NPI Prices Continue to Rise

Published: Feb 26, 2026 11:08

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[SMM Daily Review: High-Grade NPI Prices Continue to Rise as Upstream Costs Increase and Sellers Hold Back Cargoes] Feb. 26 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,077.5 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu MoM from the previous trading day.

SMM February 26 News,

On February 26, the SMM average price for 10-12% high-grade NPI was 1,077.5 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu MoM from the previous trading day. The market sentiment factor for high-grade NPI was 2.00, up 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.82, up 0.08 MoM; and the downstream sentiment factor for high-grade NPI was 1.19, flat MoM. Supply side, upstream offers remained firm amid cost support and bullish expectations, with continued active efforts to hold prices firm. Demand side, downstream steel mills have yet to release just-in-time procurement, and no market transactions have been concluded. Overall, there is a clear divergence between upstream and downstream, and market trading activity has not recovered. However, amid rising upstream costs and cargo holdbacks, the price center for high-grade NPI continues 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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