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Home / Metal News / [NPI Daily Review] Market Quotations Show Divergence, High-Grade NPI May Face Resistance to a Rise

[NPI Daily Review] Market Quotations Show Divergence, High-Grade NPI May Face Resistance to a Rise

iconJan 20, 2026 13:35
[SMM Daily Review: Divergence in Market Quotes, High-Grade NPI May Face Resistance to Rise] January 20 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day.

SMM January 20 News,      

     On January 20, the average price of SMM 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.21, up 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.72, up 0.05 MoM; and the downstream sentiment factor for high-grade NPI was 1.7, flat MoM. Supply side, some upstream offers remained at 1,050-1,100 yuan/mtu, but under pressure from the target prices of mainstream steel mills, market divergence emerged, with some traders selling at lower prices. Demand side, a steel mill's tender was concluded at a delivery-to-factory price of 1,015 yuan/mtu, while most downstream steel mills remained cautious in procurement, with target prices maintained at 1,010-1,030 yuan/mtu delivered to the factory. Overall, upstream-downstream divergence persists, and with some upstream players showing weaker willingness to hold prices firm, high-grade NPI prices may face upward resistance in the short term.

 

 

 

 

 

 

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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