[Daily Nickel Pig Iron Review] Market Sentiment Remains Depressed, High-Grade NPI Prices Face Significant Upward Pressure

Published: Sep 25, 2025 19:56

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[SMM Daily Review: Market Sentiment Remains Weak, High-Grade NPI Prices Face Significant Upside Pressure] September 25 - The average price of SMM 10-12% high-grade NPI was 954.5 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day.

SMM September 25 News,

On September 25, the average price of SMM 10-12% high-grade NPI was 954.5 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.36, down 0.01 MoM. Supply side, domestic smelters of high-grade NPI are still in a state of losses, with cost support remaining, making smelters' offers relatively firm. Demand side, downstream stainless steel enterprises' profits are also under pressure, with recent purchase willingness weak. Coupled with sufficient inventory at most steel mills currently, fixed-price transactions are hard to find in the market, and support below recent transaction prices has slightly weakened. Overall, with ample supply in the market and weak overall procurement and sales sentiment, high-grade NPI prices are under pressure, and the upward channel faces significant resistance.

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