[Daily Review of NPI] Macro sentiment drives bullish expectations, center of high-grade NPI quotes moves up

Published: Jul 23, 2025 15:36

Save

[SMM Daily Review: Macro Sentiment Drives Bullish Expectations, Center of High-Grade NPI Quotations Moves Upward] On July 23, the average price of SMM 8-12% high-grade NPI was 907.5 yuan/mtu (ex-factory, tax included), up 4.5 yuan/mtu from the previous working day...

SMM July 23 news,

July 23, SMMaverage price stood at 907.5 yuan/mtu (ex-factory, tax included), up 4.5 yuan/mtu from the previous working day. Supply side, smelters maintained low operating rates amid prolonged losses, while Indonesian NPI output also declined in July. Domestic upstream enterprises held back cargoes after enduring long-term losses, resulting in relatively tight short-term market availability. Demand side, stainless steel price recovery improved steel mill profits, fueling positive demand outlook. Overall, with macro supply-side reform expectations, market pessimism eased as some traders built inventories. Both selling and purchasing sentiment showed moderate improvement, with weekly prices continuing upward tests and offer centers edging higher.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

22 hours ago

High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.

22 hours ago

High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches

[SMM Nickel Flash] This week, due to a sharp decline in futures triggering arbitrage selling, high-grade NPI prices fell significantly. However, after the selling activity subsided, upstream quotations and the market center gradually returned to normal levels, supported by cost factors. Looking ahead, as the Chinese New Year holiday approaches, market activity is expected to remain subdued, and high-grade NPI prices are projected to hover at highs with limited fluctuations.

22 hours ago

Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu

[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the Indonesia NPI FOB index average price dropped 2.06 $/mtu WoW to 131.2 $/mtu. At the beginning of the week, futures hit limit-down, and nickel prices fell sharply WoW, driving the emergence of arbitrage supplies sold at low prices, leading to a significant decline in high-grade NPI prices.

22 hours ago