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Home / Metal News / [NPI Daily Review] Upstream Holds Prices Firm While Downstream Adopts Wait-and-See Stance, High-Grade NPI Prices Remain Stable

[NPI Daily Review] Upstream Holds Prices Firm While Downstream Adopts Wait-and-See Stance, High-Grade NPI Prices Remain Stable

iconJan 30, 2026 16:39
[SMM Daily Review: Upstream Holds Prices Firm While Downstream Adopts Wait-and-See Stance, High-Grade NPI Prices Remain Stable] Jan. 30 (SMM) - The average price of 10-12% high-grade NPI stood at 1,054 yuan/mtu (ex-factory, tax included), flat MoM from the previous working day.

SMM January 30 news,      

    On January 30, the SMM average price of 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, flat MoM; the upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM; the downstream sentiment factor for high-grade NPI was 1.39, down 0.02 MoM. Supply side, nickel prices saw wild swings, and some upstream suppliers continued to hold prices firm. Demand side, amid the sharp fluctuations, most downstream stainless steel mills adopted a wait-and-see stance towards the post-holiday market, with low purchasing sentiment currently. Overall, the gap between the psychological price levels of upstream and downstream continued to widen, 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 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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