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Home / Metal News / [NPI Daily Review] Off-Season Bearish Sentiment Takes Hold, High-Grade NPI Prices Continue to Decline

[NPI Daily Review] Off-Season Bearish Sentiment Takes Hold, High-Grade NPI Prices Continue to Decline

iconNov 10, 2025 11:54
[SMM Daily Review: Off-Season Bearish Sentiment Weighs on High-Grade NPI Prices] November 10 (SMM) - The average price of 10-12% high-grade NPI was 914.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu MoM from the previous working day.

SMM November 10 News,      

       On November 10, the SMM average price for 10-12% high-grade NPI was 914.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.98, down 0.04 MoM. Supply side, amid the downtrend, smelters have stopped offering spot orders, while some traders continued to sell at low prices due to repayment needs, pushing market offers lower. Demand side, some downstream buyers made small purchases of low-priced cargoes, but wait-and-see sentiment remained strong, awaiting guidance from mainstream prices. Overall, the price center for high-grade NPI continued to decline, with bearish sentiment persisting during the off-season.

 

 

 

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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