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Home / Metal News / [NPI Daily Review] Macro Sentiment Pulls Back, Insufficient Consumption Support, High-Grade NPI Market in Tug of War
[NPI Daily Review] Macro Sentiment Pulls Back, Insufficient Consumption Support, High-Grade NPI Market in Tug of War
Aug 18, 2025 14:52Source:SMM
[SMMDailyCommentary:MacrosentimentpullbackinsufficientconsumptionsupportHigh-GradeNPIMarketinTug-of-War]OnAugust18,SMM10-12%high-gradeNPIaveraged926yuan/mtu(ex-factory,taxincluded),up0.5yuan/mtufromthepreviousworkingday.
SMM August 18 News,
On August 18, the SMM 10-12% high-grade NPI average price was 926 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. Supply side, domestic upstream smelters and traders continue to hold back cargoes, but with macro sentiment pulling back and end-use consumption recovery falling short of expectations, the reluctance to budge on prices is showing signs of weakening. On the demand side, there has been some downstream trading recently, and a divergence in prices between domestic smelters and Indonesian sources has emerged. Overall, upstream and downstream enterprises are in a tug-of-war, and high-grade NPI prices remain at an impasse.
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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