[NPI Daily Review] Lower Nickel Prices Loosened Offers, Shifting the Price Center of High-Grade NPI Downward

Published: Apr 2, 2026 11:31

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[SMM Daily Review: Lower Nickel Prices Loosened Quotations, Shifting Down the Price Center of High-Grade NPI] April 2 News: SMM's upstream sentiment factor for high-grade NPI was 2.74, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.51, up 0.01 MoM.

SMM News, April 2:

April 2 News: SMM's market sentiment factor for high-grade NPI was 2.13, up 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.74, up 0.03 MoM; and the downstream sentiment factor for high-grade NPI was 1.51, up 0.01 MoM. Supply side, the center of nickel prices moved lower, and traders' quoted price center loosened again. Demand side, buying interest from downstream steel mills remained limited. Overall, the psychological price spread between upstream and downstream enterprises gradually narrowed. Although transactions remained weak, market sentiment improved slightly.

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