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  [SMM Analysis]The national NPI metal content decreased 14.14% MoM in November, and is projected to decline 9.93% MoM in December

  In November 2025, China's NPI production in physical terms decreased 7.34% MoM, while metal content dropped 14.14% MoM.

• In November, the national NPI metal content decreased by 14.14% MoM, and it is projected to decrease by 9.93% MoM in December [SMM Analysis].

  [SMM Analysis: National NPI Metal Content in November Dropped 14.14% MoM, Expected to Fall 9.93% MoM in December] In November 2025, national NPI production in physical terms decreased 7.34% month-on-month, while metal content declined 14.14% MoM.

• Off-season atmosphere deepens, proportion of liquid aluminum expected to drop further in December  

• Indonesia's Newly Commissioned Project Gradually Ramps Up Production; Daily Average Aluminum Production Outside China Expected to Rise MoM Next Month  

• China's APT Output Rises 1.5% MoM in Nov 2025; Profitability Returns

  According to SMM data, China's domestic ammonium paratungstate (APT) output in November 2025 increased by 1.5% month-on-month but decreased by approximately 6% year-on-year.