[NPI Daily Review] Long-short divergence continues to widen, and NPI remains in the doldrums, with little sign of change.

Published: Jul 2, 2026 13:55

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[SMM Daily Review: Long-Short Divergence Continues to Widen; NPI in the Doldrums Pattern Unlikely to Improve] July 2 – SMM high-grade NPI upstream sentiment factor was 2.29, down 0.03 MoM, and high-grade NPI downstream sentiment factor was 1.72, down 0.02 MoM.

SMM July 2 News,

July 2 News, SMM high-grade NPI market sentiment factor is 2.01, down 0.02 MoM, the upstream sentiment factor for high-grade NPI is 2.29, down 0.03 MoM, the downstream sentiment factor for high-grade NPI is 1.72, down 0.02 MoM. The market has clear downside expectations and is under pressure overall, with suppliers loosening their offers and high-grade nickel products declining more markedly, but the divergence in market quotes is intensifying, and some suppliers still hold prices firm with strong sentiment to hold firm. On the procurement side, wait-and-see sentiment is strong, willingness to purchase is weak, and expectations of steel mills pushing for lower prices continue to build. Overall market trading is sluggish, with only a few scattered small orders circulating sporadically, and the market lacks guidance from concentrated transactions. In summary, the weak market pattern has been set, the strength of suppliers to hold prices firm continues to wane, downstream procurement demand is simultaneously sluggish, and in the short term, the market will remain in a pattern of deadlocked negotiations and sluggish transactions, in the doldrums.

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