NPI Market Sees Limited Transactions, High-Grade Cargo Scarce and Premiums Widening

Published: Mar 6, 2026 13:43

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[SMM High-Grade NPI] March 6 News: Supply side, smelter offers remained firm but transactions were limited, and spot cargo circulating in the market mainly consisted of sources held earlier by traders or futures arbitrage cargo. Demand side, end-use consumption was clearly suppressed, and steel mill procurement mainly relied on low-priced shipments from some traders. Overall, market structure differentiation was evident. The center of mainstream transaction prices for steel mills still operated below 1,100 yuan/nickel unit, but high-grade cargo with nickel content at 12 and above 14 was notably scarce, the premium range continued to widen, and recent high-priced transactions were mostly concentrated in high nickel unit cargo.

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