[NPI Daily Review] Upstream Costs and Downstream Selling Prices Were Difficult to Match, High-Grade NPI Prices Remained in Stalemate

Published: Apr 1, 2026 11:35

Save

[SMM Daily Review: Upstream Costs and Downstream Selling Prices Remained Difficult to Match, High-Grade NPI Prices Stayed in a Stalemate] April 1 News: SMM's upstream sentiment factor for high-grade NPI was 2.71, down 0.07 MoM, while the downstream sentiment factor for high-grade NPI was 1.5, down 0.04 MoM.

SMM News, April 1:

April 1 News: SMM's high-grade NPI market sentiment factor was 2.1, down 0.06 MoM; the upstream high-grade NPI sentiment factor was 2.71, down 0.07 MoM; and the downstream high-grade NPI sentiment factor was 1.5, down 0.04 MoM. Supply side, amid pressure from both upstream and downstream, quotations from smelters and traders were basically flat. Demand side, buying interest from downstream steel mills remained weak, with limited market demand. Overall, high upstream costs were difficult to match with end-use product prices, and high-grade NPI prices remained stagnant.

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 Nickel Midday Commentary] On April 2, nickel prices fluctuated downward, and Trump unilaterally claimed an overwhelming victory in the war against Iran

1 hour ago

Common.Time.hoursAgo

[SMM Daily Review of Nickel Intermediate Products] On April 2, MHP and high-grade nickel matte prices declined with nickel prices

As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.

Common.Time.hoursAgo

Data: SHFE, DCE market movement (Apr 01)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 01 Apr , 2026

Common.Time.hoursAgo