[NPI Daily Review] Weak End-User Demand and Thin Market Trading Keep High-Grade NPI Prices Flat MoM

Published: Jan 29, 2026 15:49

Save

[SMM Daily Review: Weak End-User Demand and Thin Market Trading, High-Grade NPI Price Flat MoM] January 29 (SMM) - The average price of SMM 10-12% high-grade NPI stood at 1,054 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

SMM January 29 News,

On January 29, the average price of SMM 10-12% high-grade NPI was 1,054 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.15, down 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.88, down 0.03 MoM; the downstream sentiment factor for high-grade NPI was 1.41, down 0.02 MoM. Supply side, upstream offers mostly held steady. Demand side, stainless steel scrap's significant cost advantage combined with weak end-use consumption before the holiday resulted in low overall market trading volume, and there remains a large gap between downstream psychological price levels and upstream offers. Overall, market sentiment weakened slightly, while actual transaction prices remained stable.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

19 hours ago

[Nickel Pig Iron Daily Review] Arbitrage Selling Decreases, High-Grade NPI Quotations Gradually Return to Rationality

[SMM Daily Review: Arbitrage Selling Decreases, High-Grade NPI Offers Gradually Return to Rationality] February 4 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,030 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day.

19 hours ago

【SMM Nickel News】GMA Sultra Urges Suspension of PT GMS’s 2026 RKAB Over Alleged Illegal Nickel Ore Sales

According to Suara Sultra News, Garda Muda Anoa Sultra (GMA Sultra) has formally urged the Indonesian Minister of Energy and Mineral Resources to freeze the 2026 RKAB approval for PT Gerbang Multi Sejahtera (PT GMS) due to allegations of illegal nickel ore sales in 2022 using "flying documents" from PT Wijaya Inti Nusantara (PT WIN). Executive Director Muhammad Ikbal Laribae characterized the suspected practice as a serious mining crime that causes state losses, calling for an immediate audit by the Directorate General of Minerals and Coal and warning of potential mass protests and reports to the KPK (Anti-Corruption Commission) if the government fails to take firm action against such illicit mining activities.

19 hours ago

20 hours ago

[SMM Stainless Steel Flash] Indonesian Minister: Major Stainless Steel Smelter Skipped Mandatory Reports for 8 Years

According to SMM, Indonesian Investment Minister Rosan Perkasa Roeslani revealed during a hearing with House Commission XII that a major stainless steel smelter in Indonesia, which has been commercially operational since 2017, has failed to submit its mandatory LKPM (Investment Activity Report) for 8 consecutive years. Implications: The LKPM is a legally required quarterly report covering investment realization, labor, production data, and partnerships. Due to this non-compliance, the Indonesian government admits it lacks official data on the smelter's actual investment realization, forcing regulators to rely solely on "incidental supervision" to gather information.

20 hours ago