[Nickel Pig Iron Daily Review] Market Transaction Prices Hard to Find, High-Grade NPI Prices Remain Stable

Published: Jan 21, 2026 11:55

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[SMM Daily Review: Transaction Prices Difficult to Find in the Market, High-Grade NPI Prices Remain Stable] January 21 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

SMM January 21 –

On January 21, the SMM average price for 10-12% high-grade NPI was 1,028.5 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.19, down 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.71, down 0.01 MoM; the downstream sentiment factor for high-grade NPI was 1.67, down 0.03 MoM. Supply side, upstream offers diverged, with mixed market views. Demand side, most steel mills' intended purchase prices remained at 1,020-1,030 yuan/mtu delivered to the plant. With weak end-use demand, steel mills' demand before the Chinese New Year was already very limited. Overall, spot transactions were scarce, and high-grade NPI prices held steady.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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