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

Published: Jan 29, 2026 15:49

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[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.

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