[NPI Daily Review] Off-season Effect Continues, High-grade NPI Price Declines

Published: Nov 26, 2025 11:34

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[SMM Daily Review: Off-Season Effect Continues to Weigh on High-Grade NPI Prices] November 26 - The average price of SMM 10-12% high-grade NPI was 884.5 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day.

SMM November 26 news,

November 26 news, SMM 10-12% high-grade NPI average price 884.5 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day. High-grade NPI market sentiment factor was 1.84, down 0.01 MoM. Supply side, current supply remains stable, but upstream acceptance of low prices is low, most suppliers' willingness to sell is sluggish, and spot order offers are hard to find. Demand side, guided by mainstream steel mills' tender prices, downstream stainless steel mills released some procurement demand, with transactions occurring sporadically during the week. Overall, both upstream and downstream face consumption and loss pressures in the off-season, amid supply-demand imbalance, high-grade NPI prices are expected to remain in the doldrums.

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