[NPI Daily Review] Discrepancies Between Upstream and Downstream of High-Grade NPI Gradually Narrow, Market Watches for Consumption After Lantern Festival

Published: Mar 2, 2026 11:38

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[SMM Daily Review: Upstream and Downstream Disagreements on High-Grade NPI Gradually Narrow Market Awaits Consumption After Lantern Festival] On March 2, the SMM high-grade NPI upstream sentiment factor was 2.85, flat MoM, while the high-grade NPI downstream sentiment factor was 1.28, up 0.06 MoM.

SMM March 2 News,

March 2 News, SMM high-grade NPI market sentiment factor was 2.07, up 0.04 MoM, the upstream sentiment factor for high-grade NPI was 2.85, unchanged MoM, and the downstream sentiment factor for high-grade NPI was 1.28, up 0.06 MoM. Supply side, most upstream quotes were flat MoM, with the bottom still supported by costs. Demand side, as the Lantern Festival has not yet passed, there is no significant procurement demand released from the downstream, and the market only has a small amount of restocking demand. Overall, trading volume remains low, the gap between upstream and downstream is gradually narrowing, but the market is still waiting to see the sales situation of stainless steel products after the Lantern Festival.

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