[NPI Daily Review] Market Pessimism Spreads, Market Activity Suppressed

Published: May 18, 2026 13:38

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[SMM Daily Comment: Market Pessimism Spreads, Market Activity Suppressed] May 18 — The SMM high-grade NPI upstream sentiment factor was 3.25, down 0.09 MoM, and the high-grade NPI downstream sentiment factor was 2.24, down 0.06 MoM.

SMM News, May 18,

May 18, the SMM high-grade NPI market sentiment factor was 2.74, down 0.08 MoM, the high-grade NPI upstream sentiment factor was 3.25, down 0.09 MoM, and the high-grade NPI downstream sentiment factor was 2.24, down 0.06 MoM. Today, the high-grade NPI market was dragged down by weakening futures, presenting an overall pattern of firm upstream offers, stagnant transactions, and a declining price center, with the price spread between high and low grades staying high. Futures continued to decline, and market pessimism spread. Upstream suppliers mostly maintained high offer prices, but actual transactions were scarce, with some softening in offers. Downstream steel mills adopted a more cautious purchasing stance, mostly referencing the steel scrap SHFE/LME price ratio, with mainstream intended bids concentrated at 1,120-1,130 yuan/nickel unit, showing a clear divergence from upstream offers. Under the short-term downward trend, both upstream and downstream pricing sentiment remained cautious, further suppressing spot transaction activity. Overall, tight spot supply provided price floor support, but futures weakness and sluggish demand jointly constrained upside room.

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