[NPI Daily Review] Market Activity Continued to Recover, and the Center of the High-Grade NPI Market Continued to Move Upward

Published: Mar 12, 2026 13:24

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[SMM Daily Review: Market Activity Continued to Recover, and the Center of the High-Grade NPI Market Continued to Move Upward] March 12 News, SMM's upstream sentiment factor for high-grade NPI was 2.91, up 0.04 MoM, while the downstream sentiment factor for high-grade NPI was 1.65, up 0.01 MoM.

SMM, March 12:

March 12: SMM's market sentiment factor for high-grade NPI was 2.28, up 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.91, up 0.04 MoM; and the downstream sentiment factor for high-grade NPI was 1.65, up 0.01 MoM. Supply side, upstream offers remained at high levels. Demand side, transaction prices and target prices at most steel mills remained below 1,100 yuan/nickel unit, but market activity recovered somewhat, and procurement volume gradually increased. Overall, the market price center was still moving upward slowly.

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