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Home / Metal News / [NPI Daily Review] Deepening Contradictions Between Upstream and Downstream Markets, High-Grade NPI Prices Remain Supported

[NPI Daily Review] Deepening Contradictions Between Upstream and Downstream Markets, High-Grade NPI Prices Remain Supported

iconJan 5, 2026 11:30
[SMM Daily Review: Deepening Contradictions Between Upstream and Downstream Markets, High-Grade NPI Prices Remain Supported] Jan. 5 (SMM) - The average price of SMM 10-12% high-grade NPI was 927.5 yuan/mtu (ex-factory, tax included), up 5 yuan/mtu MoM from the previous working day.

SMM January 5 News,      

      On January 5, the SMM average price of 10-12% high-grade NPI was 927.5 yuan/mtu (ex-factory, tax included), up 5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.77, down 0.01 MoM; the upstream sentiment factor for high-grade NPI was 1.5, up 0.03 MoM; and the downstream sentiment factor for high-grade NPI was 2.05, down 0.04 MoM. Supply side, on the first trading day after the New Year, futures opened higher with a gap, and bullish market sentiment persisted, with upstream offers remaining high. Demand side, purchase willingness among downstream large steel mills was sluggish, with only small special steel mills conducting necessary restocking, and spot order transaction prices in the market were high. Overall, high-grade NPI prices remained supported, but substantial transactions were hard to find in the market.

 

 

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.

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