[NPI Daily Review] Macro Policies Drove a Rebound in Futures, High-Grade NPI Quotes Edged Up

Published: Mar 26, 2026 11:32

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[SMM Daily Review: Macro Policies Drove a Rebound in Futures, with High-Grade NPI Quotes Edging Up] March 26 News: SMM's upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.56, flat MoM.

SMM News Mar 26,

Mar 26 News, SMM high-grade NPI market sentiment factor stood at 2.21, up 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.86, up 0.03 MoM; and the downstream sentiment factor for high-grade NPI was 1.56, flat MoM. Supply side, macro sentiment drove futures higher, and market sentiment improved somewhat, with upstream quotations showing renewed upward momentum. Demand side, against the economic comparison with steel scrap, steel mills still had limited demand for high-grade NPI and limited acceptance of high prices, and short-term market transactions were weak. Overall, futures drove a slight increase in market quotations, but there may still have been no feedback from actual transactions.

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