[NPI Daily Review] Transaction Prices Rise on Restocking Demand, High-Grade NPI Prices Receive Support

Published: Dec 31, 2025 11:25

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[SMM Daily Review: Transaction Prices Rise on Restocking Demand, High-Grade NPI Prices Supported] Dec. 31 (SMM) - The average price of SMM 10-12% high-grade NPI was 922.5 yuan/mtu (ex-factory, tax included), up 10 yuan/mtu MoM from the previous working day.

SMM December 31 News,

On December 31, the SMM average price of 10-12% high-grade NPI was 922.5 yuan/mtu (ex-factory, tax included), up 10 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.78, up 0.07 MoM; the upstream sentiment factor for high-grade NPI was 1.47, up 0.09 MoM; and the downstream sentiment factor for high-grade NPI was 2.09, up 0.05 MoM. Supply side, futures prices remained high, and bullish sentiment persisted, with upstream enterprises continuing to raise their offers. Demand side, as prices continued to rise, inquiries from downstream enterprises increased, coupled with some downstream rigid demand restocking, leading to higher transaction prices in the market. Overall, the market showed a clear upward trend, with the price center of high-grade NPI moving higher.

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