In November, the national NPI metal content decreased by 14.14% MoM, and it is projected to decrease by 9.93% MoM in December [SMM Analysis].

SMM November 28,

       China's nickel pig iron (NPI) production in November 2025 decreased 7.34% month-on-month (MoM) in physical content and 14.14% MoM in metal content. Both the physical and metal content of NPI production in China declined in November. Entering the traditional off-season in November, end-use consumption remained sluggish, market confidence continued to be weak, finished stainless steel selling prices faced persistent declines, destocking proved difficult, NPI buying interest weakened, and prices fell to a five-year low. Cost side, falling prices and firm production costs deepened losses for high-grade NPI smelters, leading to a reduction in domestic NPI output.

       Looking ahead, December remains within the traditional off-season and approaches the year-end, with prices likely to hover near the year's lows. Procurement and sales demand across most upstream and downstream sectors are expected to weaken MoM. As the year-end approaches, several stainless steel enterprises have production cut plans, indicating continued demand reduction. Meanwhile, amid expectations of low prices, NPI plants also have production cut plans. SMM expects China's NPI production in December to decrease 5.22% MoM in physical content and 9.93% MoM in metal content.