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

Published: Jan 20, 2026 13:35

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[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.

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