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![[SMM Analysis] The Dual Game of Cost and Supply-Demand: Where Will High-Grade NPI Prices Head in Q4 2025?](https://imgqn.smm.cn/news/DBCHU20220406172143.jpg)
[SMM Analysis] The Dual Game of Cost and Supply-Demand: Where Will High-Grade NPI Prices Head in Q4 2025?
Oct 30, 2025 17:25
[SMM Analysis] The Dual Game of Cost and Supply-Demand: Where Will High-Grade NPI Prices Head in Q4 2025? Recently, the domestic NPI market showed a game between supply and demand sides, with prices fluctuating downward. Upstream cost support gradually strengthened, keeping quotations stable, while downstream demand side exhibited strong wait-and-see sentiment with a lack of mainstream transaction guidance. SMM analyzes as follows based on current market prices, inventory, supply-demand, and costs:
[SMM Analysis] The Dual Game of Cost and Supply-Demand: Where Will High-Grade NPI Prices Head in Q4 2025?
[SMM Analysis] The Dual Game of Cost and Supply-Demand: Where Will High-Grade NPI Prices Head in Q4 2025?
Recently, the domestic NPI market showed a game between supply and demand sides, with prices fluctuating downward. Upstream cost support gradually strengthened, keeping quotations stable, while downstream demand side exhibited strong wait-and-see sentiment with a lack of mainstream transaction guidance. SMM analyzes as follows based on current market prices, inventory, supply-demand, and costs:
Oct 30, 2025 17:25
[SMM Announcement] Announcement on the Addition of High-Grade NPI Segment-Specific Inventory and Discontinuation of Semi-Monthly Inventory Data Points
To further optimize our data service quality, improve the data sample structure, and enhance the scientific nature of update frequencies, after careful consideration, SMM has decided that, effective November 30, 2025, the following semi-monthly SMM Nickel Pig Iron (NPI) inventory data points will be discontinued:
Oct 29, 2025 17:56
![[SMM Announcement] Announcement on the Addition of High-Grade NPI Segment-Specific Inventory and Discontinuation of Semi-Monthly Inventory Data Points](https://imgqn.smm.cn/news/xWlTD20220406172143.jpg)
[SMM Analysis] Nickel Intermediate Product Market Outlook for 2026
In 2026, the nickel intermediate product market will face a situation where demand growth lags behind supply growth. Additionally, the proportion of MHP directed toward refined nickel production is expected to increase. The approval progress of Indonesia's RKAB policy remains a key variable, with attention on intermediate product costs and the release of downstream capacity.
Oct 27, 2025 17:02
[SMM Analysis] High-Grade NPI Market Continues to Decline, How Will It Evolve in the Future?
The average price of SMM 10-12% high-grade NPI fell 10 yuan/mtu WoW to 943.5 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped $1.14/mtu WoW to $116.02/mtu. Following the downward adjustment in tender prices by mainstream steel mills, most downstream stainless steel mills drove down prices. Coupled with consecutive declines in stainless steel futures and improved cost-effectiveness of stainless steel scrap, high-grade NPI faced pressure, leading to a noticeable price drop this week.
Oct 17, 2025 17:45
[SMM Analysis] The New Era of Stainless Steel: Navigating a Global Market Dominated by Asia and Divided by Trade Barriers
At the "ROLLED STEEL MARKETS: sales, production, strategy" international conference held on October 14-15, 2025 at Moscow, the future of the global stainless steel market was a central topic. Shanghai Metals Market (SMM), as an invited speaker, delivered an in-depth analysis of the trends in the global stainless steel and nickel markets. The presentation, titled "Global Stainless Steel & Nickel: Demand, Trade Flows, and Policy Outlook 2025," highlighted a new global landscape dominated by Asian supply and profoundly shaped by Western trade barriers.
Oct 17, 2025 13:52
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