[NPI Daily Review] End-Use Consumption Recovery Remains Constrained; High-Grade Supply Scarcity Becomes Pronounced

Published: Mar 6, 2026 13:29

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[SMM Daily Review: End-Use Consumption Recovery Remained Limited, High-Grade Supply Scarcity Was Significant] News on March 6: The upstream sentiment factor for SMM high-grade NPI was 2.88, up 0.01 MoM, and the downstream sentiment factor for high-grade NPI was 1.37, up 0.05 MoM.

SMM News on March 6,

On March 6, the SMM high-grade NPI market sentiment index was 2.15, up 0.03 MoM; the upstream sentiment index for high-grade NPI was 2.9, up 0.02 MoM; and the downstream sentiment index for high-grade NPI was 1.4, up 0.03 MoM. Supply side, smelter quotations remained firm but transactions were limited, and spot cargo in circulation mainly came from traders’ earlier inventories or futures arbitrage cargoes. Demand side, end-use consumption was clearly suppressive, and steel mill procurement mainly relied on low-priced shipments from some traders. Overall, market structure differentiation was evident. The center of mainstream transaction prices at steel mills still operated below 1,100 yuan/nickel unit, but the scarcity of high-grade cargoes with nickel content at 12% and above 14% was significant, with the premium range continuing to widen. Recent high-priced deals were also mostly concentrated in high nickel unit cargoes.

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