[NPI Daily Review] Bullish and Bearish Factors Intertwined, Nickel Pig Iron Market Continued to Move Sideways

Published: May 26, 2026 11:10

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[SMM Daily Comment: Bullish and Bearish Factors Intertwined, NPI Market Continued to Move Sideways] May 26, the SMM upstream sentiment index for high-grade NPI was 3.09, down 0.03 MoM, while the downstream sentiment index for high-grade NPI was 2, flat MoM.

SMM News, May 26,

May 26, the SMM high-grade NPI market sentiment factor was 2.55, down 0.01 MoM, the high-grade NPI upstream sentiment factor was 3.09, down 0.03 MoM, and the high-grade NPI downstream sentiment factor was 2.00, flat MoM. The current NPI market maintained a sideways movement pattern, with bullish and bearish factors intertwined and constraining price trends. Supply side, the market generally held expectations of subsequent supply tightening, and sellers' offers remained elevated overall. Demand side, performance was weak, with steel mills adopting a cautious purchasing stance, mostly taking a wait-and-see approach. Bids were generally conservative, mainstream intended prices were on the low side, and there was limited appetite for high-priced cargoes. The lack of a clear recovery in stainless steel finished product prices remained the core factor hindering NPI price rises. Overall, tight supply expectations provided bottom support, while weak downstream demand and sustained steel mill inventory pressure continued to weigh on the market. In the short term, NPI prices are likely to continue moving sideways.

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