[NPI Daily Review] The High-Grade NPI Market Came Under Brief Pressure; the Cost-Support Rationale Remained Unchanged

Published: Mar 10, 2026 12:00

Save

[SMM Daily Review: The High-Grade NPI Market Was Briefly Under Pressure, While the Cost-Support Logic Remained Unchanged] News on March 10: SMM’s upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.4, up 0.03 MoM.

SMM March 10 News,

March 10 News: The SMM high-grade NPI market sentiment factor was 2.22, up 0.02 MoM; the high-grade NPI upstream sentiment factor was 2.89, down 0.01 MoM; and the high-grade NPI downstream sentiment factor was 1.56, up 0.06 MoM. Supply side, as mainstream steel mills released tender prices, some upstream players shipped cargoes on fears of price declines, but most smelters still maintained their previous quotations. Demand side, a large number of steel mills inquired in line with the tender prices, and there were a small number of low-priced deals in the market, pulling down the center. Overall, the market was briefly under pressure, but cost support did not weaken significantly.

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

1 hour ago

【SMM Flash News】Indonesia's Nickel Ore HPM Forecasted to Increase 1.32% in Mid March

SMM predicts the Indonesian domestic nickel ore benchmark price (HPM) will increase by 1.32% for the second half of March 2026. This gain follows an expected rise in the HMA to USD 17,329/dmt (down USD 225.56/dmt). Under the MC35% calculation, the forecasted HPM levels across key grades are: • Ni 1.2%: USD 17.57/wmt (↑ $0.23) • Ni 1.6%: USD 30.64/wmt (↑ $0.4) • Ni 1.7%: USD 34.47/wmt (↑ $0.45) • Ni 1.8%: USD 38.52/wmt (↑ $0.5) • Ni 2.0%: USD 47.31/wmt (↑ $0.62) The market is closely monitoring the pending RKAB approvals, though clarity for next month’s RKAB approval is still lacking. Given the upcoming Eid Al-Fitr break, a slowdown in the administrative process is highly likely. If these delays persist through the end of the month, there is a possibility for an upward in the ore price.

1 hour ago

Common.Time.hoursAgo

[SMM Nickel Sulphate Daily Review] March 10: Raw Material Uncertainty Continued, Nickel Salt Prices Rose Slightly

On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

Common.Time.hoursAgo

[SMM Nickel Midday Review] On March 10, nickel prices rebounded as four Indonesian HPAL nickel plants suspended production

Common.Time.hoursAgo