[NPI Daily Review] Downstream Buyers Remained on the Sidelines While Upstream Producers Showed Strong Willingness to Hold Prices Firm, NPI Market Held Up Well

Published: May 6, 2026 14:31

Save

[SMM Daily Comment: Downstream Adopted a Wait-and-See Approach While Upstream Showed Strong Willingness to Hold Prices Firm, and the Market Held Up Well] On May 6, SMM high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM, and the high-grade NPI downstream sentiment factor was 2.6, flat MoM.

SMM May 6 News,

May 6 News, the SMM high-grade NPI market sentiment factor was 3.05, down 0.04 MoM, the high-grade NPI upstream sentiment factor was 3.6, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 2.5, down 0.1 MoM. Upstream, Indonesian nickel ore costs and windfall tax policy news supported the willingness to hold prices firm, with smelters generally holding back from selling and bullish, and high-grade NPI quotes rose in tandem. Downstream, steel mills had relatively positive purchasing sentiment before the holiday. Although most steel mills maintained a wait-and-see attitude after the holiday, the market overall still held up well.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

[SMM Stainless Steel Flash] Indonesia Stainless Export Prices Hike $30/mt

On May 6, 2026, following a brief morning suspension, one of the Indonesia's stainless steel mill raised export quotations across all series by $30/mt. According to SMM analysis, the hike is driven by the convergence of positive holiday-period policies and the introduction of "windfall tax" expectations, which have funneled cost premiums directly to downstream products. Indonesian 304 CRC FOB offers are now positioned at approximately $2,227/mt. Bullish sentiment is expected to ripple across Asia as the solidified cost floor pressures other regional producers to follow suit.

Common.Time.minsAgo

Data: SHFE, DCE market movement (May 06)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 May , 2026

Common.Time.minsAgo

Common.Time.hoursAgo

Indonesian MHP Nickel and Cobalt FOB Prices Rise, High-Grade Nickel Matte Up $42/mt Ni

According to SMM data, on May 6, the FOB price of Indonesian MHP nickel rose by $96/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt rose by $288/mt Co. The FOB price of Indonesian high-grade nickel matte rose by $42/mt Ni from the previous day.

Common.Time.hoursAgo