SMM High-Grade NPI Market Sees Bull-Bear Divergence, Price Spread Remains Wide

Published: Jul 14, 2026 13:50

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[SMM Nickel Flash] July 14 news: SMM's high-grade NPI market sentiment factor stood at 1.98, down 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.1, down 0.07 MoM; and the downstream sentiment factor for high-grade NPI was 1.86, up 0.03 MoM. Today, the high-grade NPI spot market continued to see bull-bear divergence. The supply side experienced some localized slight price increases, but the demand for low-price purchasing from downstream persisted, making it difficult to narrow the price spread between upstream and downstream.

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