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Home / Metal News / [Nickel Pig Iron Daily Review] Wait-and-See Sentiment Intensifies as Traditional Off-Season Approaches; High-Grade NPI Prices Expected to Continue Falling
[Nickel Pig Iron Daily Review] Wait-and-See Sentiment Intensifies as Traditional Off-Season Approaches; High-Grade NPI Prices Expected to Continue Falling
Oct 31, 2025 11:59[SMM Daily Review: High-Grade NPI Prices Expected to Continue Falling as Traditional Off-Season Approaches and Wait-and-See Sentiment Intensifies] October 31 – The average price of SMM 10-12% high-grade NPI was 924 yuan/mtu (ex-factory, tax included), down 0.5 yuan/mtu MoM from the previous working day.
SMM October 31 News,
On October 31, the average price of SMM 10-12% high-grade NPI was 924 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 2.09, down 0.02 MoM. Supply side, high-grade NPI production recovered in October, with supply increasing MoM, and the oversupply structure remained unchanged. Although upstream quotations were supported by costs, the price center still declined. Demand side, as the traditional off-season approaches, multiple stainless steel enterprises are expected to cut production, market sentiment has become more sluggish, and downstream purchase intention prices continued to fall. Overall, although high-grade NPI is currently supported by costs and the decline has slowed down, the fundamentals are expected to weaken, with strong wait-and-see sentiment in the market. High-grade NPI is still expected to have some downside room next week.
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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