SMM Review: High-Grade NPI Costs Up, Prices Down; Worsening Losses Forecast

Published: Nov 14, 2025 18:14

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[SMM High-Grade NPI Weekly Review] Raw material side, Philippine and Indonesian ore prices held steady, while auxiliary material prices continued to rise, pushing up high-grade NPI costs. Meanwhile, the market remained sluggish, with high-grade NPI prices continuing to decline, putting smelter profits under pressure. Looking ahead to next week, raw material side, ore prices are expected to remain firm, auxiliary material costs are likely to stay high, and high-grade NPI prices are still under pressure, with smelter losses expected to worsen further.

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