SMM Nickel News: High-Grade NPI Sentiment Index Dips Slightly, Market Remains in Standoff

Published: May 15, 2026 18:23

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[SMM Nickel Flash] May 15 — The SMM high-grade NPI market sentiment index stood at 2.82, down 0.03 MoM. The high-grade NPI upstream sentiment index was 3.34, down 0.03 MoM. The high-grade NPI downstream sentiment index was 2.3, down 0.03 MoM. The high-grade NPI market sentiment remained largely flat today, continuing a high-level standoff. The price range fluctuated slightly with the center staying stable, and supply-demand price divergence remained relatively pronounced.

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[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI fell 4.5 yuan/nickel unit WoW to 1,146 yuan/nickel unit (ex-factory, tax included), while the average Indonesian NPI FOB index price rose 0.97 $/nickel unit WoW to 147.75 $/nickel unit. This week, the high-grade NPI market overall maintained a pattern of fluctuating at highs, with significant divergence between sellers and buyers. Prices edged lower in center amid the tug-of-war between cost support and weak demand, and overall market sentiment remained subdued.

May 15, 2026 18:24