[NPI Daily Review] Supply-Demand Divergence Remains Significant, Price Center Stable but Under Pressure

Published: May 13, 2026 15:01

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[SMM Daily Comment: Supply-Demand Divergence Remained Significant, Price Center Stable but Under Pressure] May 13 — The SMM high-grade NPI upstream sentiment factor was 3.37, up 0.01 MoM, while the high-grade NPI downstream sentiment factor was 2.33, flat MoM.

SMM May 13,

May 13, the SMM high-grade NPI market sentiment factor was 2.85, up 0.01 MoM, the high-grade NPI upstream sentiment factor was 3.37, up 0.01 MoM, and the high-grade NPI downstream sentiment factor was 2.33, flat MoM. Today the NPI market continued to fluctuate at highs, with the price center stable but under pressure, and supply-demand divergence remained significant. Supply side, some enterprises still had high-price transaction support, with obvious premiums for high-grade cargoes, but arbitrage selling still existed and willingness to hold prices firm weakened marginally; downstream steel mills, dragged by weak stainless steel sales, saw continuously declining acceptance of high prices, with purchasing intentions concentrated at 1130-1150 yuan/nickel unit, and overall market trading was subdued.

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