[NPI Daily Review] High-Grade NPI Prices Remain Stable, Yet Fundamental Support Is Weak

Published: Aug 21, 2025 21:15

Save

[SMM Daily Review: High-Grade NPI Prices Stable, Yet Fundamental Support Weak] On August 21, the SMM 10-12% high-grade NPI average price was 928 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day.

SMM August 21 News,

On August 21, the SMM 10-12% high-grade NPI average price was 928 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day. The high-grade NPI market sentiment factor was 2.29, up 0.01 MoM. Supply side, there has been a shortage of 8-11% grade high-grade NPI in the domestic market recently, while higher-grade supplies are abundant, leading to higher domestic prices. Demand side, macro sentiment pulled back, and downstream enterprises are still in the inventory digestion phase, with most downstream stainless steel mills showing low acceptance of high prices. Overall, the price center of the high-grade NPI market remains high recently, but procurement demand from downstream enterprises has yet to materialize.

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

1 min 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.

1 min ago

3 mins 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.

3 mins ago

4 mins 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.

4 mins ago