Economy & Markets
3 min read
High-Grade NPI Prices Hold Steady Despite Wide Price Gap
Shanghai Metals Market
January 19, 2026•3 days ago
![[NPI Daily Review] Large Price Spread Between Upstream and Downstream Offers, High-Grade NPI Prices Remain Firm](https://static.metal.com/common.metal.com/images/header-en/smm-logo.png){kind=logo}
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High-grade NPI prices remained firm on January 19, averaging 1,027.5 yuan/mtu, a slight increase. Upstream offers stayed high at 1,050-1,100 yuan/mtu, while downstream steel mills cautiously purchased, with desired prices around 1,020-1,030 yuan/mtu. This created a significant price spread and ongoing negotiation between suppliers and buyers.
SMM January 19 News,
On January 19, the average price of SMM 10-12% high-grade NPI was 1,027.5 yuan/mtu (ex-factory, tax included), up 10 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.18, up 0.09 MoM; the upstream sentiment factor for high-grade NPI was 2.67, up 0.14 MoM; and the downstream sentiment factor for high-grade NPI was 1.7, up 0.06 MoM. Supply side, upstream offers remained at 1,050-1,100 yuan/mtu, with some iron plants still relatively firm. Demand side, most downstream steel mills purchased cautiously, with a few intended prices still maintained at 1,020-1,030 yuan/mtu delivered. Overall, high-grade NPI prices remained relatively firm, with upstream and downstream prices still in a tug-of-war.
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