The average price of SMM 10-12% high-grade NPI fell by 9.8 yuan/mtu WoW to 909.6 yuan/mtu (ex-factory, tax included), while the average Indonesian NPI FOB index price dropped by $1.1/mtu WoW to $112.37/mtu. During the traditional off-season, end-use consumption remained weak, and high-grade NPI prices continued to decline this week.

As the annual long-term contract signing period approaches, we would like to remind you again that the prices for NPI (8-12%) Price, USD/mtu and NPI(10-14%) Indonesia Price, USD/mtu will be suspended on December 31, 2025 (working day). Customers using the above prices for settlement should pay attention to the time period and adjust their price usage promptly to avoid any impact on your business due to the suspension of price updates.

[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:

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:

On October 21, the APAC (10th) Ni-Cr-Mn Stainless Steel & New Energy Conference 2025, hosted by SMM Information & Technology Co., Ltd. (SMM), successfully concluded in Xiamen, Fujian!

According to customs data, China's nickel pig iron imports totaled 1.0853 million mt in physical content in September 2025, up 24.2% MoM and 47.2% YoY.

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.

The World Trade Organization (WTO) panel, in its DS616 ruling announced on October 2, 2025, found the European Union (EU) to be in violation of key provisions concerning its anti-subsidy duties on Indonesian cold-rolled stainless steel. On the surface, this represents a significant triumph for Indonesia in a traditional trade dispute. However, we view the win as a "Pyrrhic Victory": the ruling’s benefits are immediately nullified by procedural obstacles, and the entire episode is overshadowed by the imminent structural shock of the Carbon Border Adjustment Mechanism (CBAM). This is not the end of a trade era, but the dawn of a far more challenging one.