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Home / Metal News / [Daily Nickel Pig Iron Review] Procurement Sentiment Recovers but Overall Oversupply Persists, High-Grade NPI Price Pressure Remains

[Daily Nickel Pig Iron Review] Procurement Sentiment Recovers but Overall Oversupply Persists, High-Grade NPI Price Pressure Remains

iconNov 20, 2025 11:36
[SMM Daily Review: Procurement Sentiment Recovers but Overall Oversupply Persists, High-Grade NPI Prices Remain Under Pressure] November 20 - The SMM average price for 10-12% high-grade NPI was 894.5 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day.

SMM November 20 News,      

       On November 20, the SMM average price of 10-12% high-grade NPI was 894.5 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.86, up 0.03 MoM. Supply side, as high-grade NPI prices continued to break lower, upstream iron plants struggled to offer quotes, but current production schedules remained stable. Demand side, current prices have fallen significantly, and purchasing sentiment among some downstream stainless steel mills has recovered, but overall demand remains dragged down by the off-season. Overall, market purchasing activity increased to some extent, but the oversupply structure remains unchanged, and high-grade NPI price pressures persist.

 

 

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.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

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