[NPI Daily Review] Tug-of-War Between Longs and Shorts Intensified, NPI Market Prices Held Firm but Trading Was Sluggish

Published: May 28, 2026 10:57

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[SMM Daily Comment: Intensified Tug-of-War Between Longs and Shorts, NPI Market Held Firm on Prices but Trading Was Sluggish] May 28 — The SMM upstream sentiment index for high-grade NPI was 3.1, flat MoM, and the downstream sentiment index for high-grade NPI was 1.97, flat MoM.

SMM News, May 28,

May 28 — The SMM high-grade NPI market sentiment factor was 2.53, flat MoM. The high-grade NPI upstream sentiment factor was 3.1, flat MoM. The high-grade NPI downstream sentiment factor was 1.97, flat MoM. Currently, NPI market quotes generally stayed high, with some quotes slightly raised, and sellers showed a strong willingness to hold prices firm. Expectations of supply contraction continued to ferment, coupled with optimistic judgment on future demand, further supporting spot prices, with high-grade cargo prices remaining elevated over the long term. However, downstream pressure was significant, as stainless steel finished product prices weakened, steel mill steelmaking profits were eroded, and acceptance of high-priced raw materials was low, with procurement bids generally below mainstream market shipment prices. Traders also mostly adopted a wait-and-see stance, with weak actual uptake at high price levels and slow market transaction progress. Overall, supply tightening expectations underpinned prices, while weak end-use demand and profit pressure exerted notable suppression. The tug-of-war between longs and shorts intensified, and the market is expected to maintain a pattern of firm prices but weak transactions in the short term.

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