[Nickel Pig Iron Daily Review] Futures Hit Limit Down, Market Prices Ease, High-Grade NPI Encounters Resistance

Published: Feb 2, 2026 16:34

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[SMM Daily Review: Futures Limit Down and Market Prices Ease, High-Grade NPI Encounters Resistance] February 2 - SMM 10-12% high-grade NPI averaged 1,039 yuan/mtu (ex-factory, tax included), down 15 yuan/mtu MoM from the previous working day.

SMM February 2 News,

On February 2, the SMM average price of 10-12% high-grade NPI was 1,039 yuan/mtu (ex-factory, tax included), down 15 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.04, down 0.11 MoM; the upstream sentiment factor for high-grade NPI was 2.73, down 0.17 MoM; and the downstream sentiment factor for high-grade NPI was 1.34, down 0.05 MoM. Supply side, nickel prices and stainless steel futures hit limit-down today, some upstream traders' offers softened, and previously locked-in spot cargoes from futures-spot arbitrage may be gradually released. Demand side, stainless steel prices gave back gains, and downstream wait-and-see sentiment intensified. Overall, with futures prices experiencing wild swings, substantial trading volume may be difficult to achieve in the short term, and high-grade NPI prices are clearly under pressure.

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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