[Nickel Pig Iron Daily Review] Market Sluggish Pre-Holiday with Only Minor Trader Stockpiling; High-Grade NPI Prices Hold Steady

Published: Feb 10, 2026 11:45
[Market Daily Review: Sluggish Pre-Holiday Market with Only a Few Traders Stockpiling, High-Grade NPI Prices Hold Steady] February 10 (SMM) - The average price of 10-12% high-grade NPI was 1,041 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day.

SMM February 10 News,      

   On February 10, the average price of SMM 10-12% high-grade NPI was 1,041 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 1.98, down 0.05 MoM, the upstream sentiment factor for high-grade NPI was 2.75, down 0.05 MoM, and the downstream sentiment factor for high-grade NPI was 1.20, down 0.05 MoM. Supply side, market offers were basically flat, and with ore prices rising significantly, high-grade NPI prices were supported by costs. Demand side, terminal performance was sluggish, downstream enterprises had basically no stockpiling demand before the holiday, procurement sentiment was quiet, with only a few traders having a bullish stockpiling mentality. Overall, the price spread between upstream and downstream intentions widened, and the market was sluggish before the holiday with few transactions.

 

 

 

 

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
Nickel Ore Quota News Boosts Futures, High-Grade NPI Prices Rise Amid Weak Market Liquidity
8 hours ago
Nickel Ore Quota News Boosts Futures, High-Grade NPI Prices Rise Amid Weak Market Liquidity
Read More
Nickel Ore Quota News Boosts Futures, High-Grade NPI Prices Rise Amid Weak Market Liquidity
Nickel Ore Quota News Boosts Futures, High-Grade NPI Prices Rise Amid Weak Market Liquidity
[SMM Nickel Flash] February 11 — Supply side, amid the impact of nickel ore quota news, futures rose again, supporting firm market quotations. Demand side, against a backdrop of bullish sentiment, there was some restocking activity, but overall market liquidity remained weak. In summary, the pattern of poor market liquidity before the holiday remained unchanged; driven by futures and macro sentiment, high-grade NPI prices rose slightly.
8 hours ago
SMM 10-12% High-Grade NPI Price Rises to 1,043 Yuan/mtu, Market Sentiment Slightly Down
8 hours ago
SMM 10-12% High-Grade NPI Price Rises to 1,043 Yuan/mtu, Market Sentiment Slightly Down
Read More
SMM 10-12% High-Grade NPI Price Rises to 1,043 Yuan/mtu, Market Sentiment Slightly Down
SMM 10-12% High-Grade NPI Price Rises to 1,043 Yuan/mtu, Market Sentiment Slightly Down
[SMM Nickel Flash] February 11 - SMM 10-12% high-grade NPI average price was 1,043 yuan/mtu (ex-factory, tax included), up 2 yuan/mtu MoM from the previous working day. The high-grade NPI market sentiment factor was 1.95, down 0.03 MoM; the upstream sentiment factor was 2.72, down 0.03 MoM; and the downstream sentiment factor was 1.17, down 0.03 MoM.
8 hours ago
【SMM Nickel Flash News】PT Weda Bay Nickel's 2026 Quota Slashed to 12 Mwmt Amid Tightened RKAB Policy
8 hours ago
【SMM Nickel Flash News】PT Weda Bay Nickel's 2026 Quota Slashed to 12 Mwmt Amid Tightened RKAB Policy
Read More
【SMM Nickel Flash News】PT Weda Bay Nickel's 2026 Quota Slashed to 12 Mwmt Amid Tightened RKAB Policy
【SMM Nickel Flash News】PT Weda Bay Nickel's 2026 Quota Slashed to 12 Mwmt Amid Tightened RKAB Policy
According to Eramet's press release, PT Weda Bay Nickel (WBN) has received an initial notification from Indonesian authorities for a 2026 production and sales quota of just 12 Mwmt, a drastic reduction compared to the 32 Mwmt initially granted for 2025 and its later upward revision to 42 Mwmt. This significantly lower volume reflects the government's tightening of the Work Plan and Budget (RKAB) policy to manage market balance and sustainable resources. While WBN is currently adjusting its operations to minimize the impact on North Maluku's economy, the company plans to apply for an early revision to a higher volume to meet the high demand from smelters and HPAL facilities at the IWIP industrial park.
8 hours ago
Register to Continue Reading
Gain access to the latest insights in metals and new energy
Already have an account?sign in here