SMM News on March 5,
On March 5, the SMM high-grade NPI market sentiment factor stood at 2.12, up 0.03 MoM; the high-grade NPI upstream sentiment factor was 2.88, up 0.01 MoM; and the high-grade NPI downstream sentiment factor was 1.37, up 0.05 MoM. Supply side, smelter offers were firm with limited shipments, and spot cargo in market circulation mainly consisted of traders’ earlier inventory or futures arbitrage cargoes. Demand side, stainless steel finished product prices struggled to rise and also faced cost pressure. Recently, mainstream markets’ acceptance of the high-grade NPI port self pick-up price remained below 1,100 yuan/nickel unit, and upstream high prices were currently difficult to conclude deals. Overall, amid back-and-forth negotiations between upstream and downstream, high-grade NPI prices were flat, and restocking for high nickel unit cargoes was more active.
![[SMM Analysis] Procurement and Sales Sentiment Gradually Recovered; Nickel Salt Prices Rebounded Slightly](https://imgqn.smm.cn/usercenter/fzwTi20251217171733.jpg)
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