[NPI Daily Review] End-User Weakness Exerts Pressure, High-Grade NPI Prices Edge Down

Published: Apr 10, 2026 11:34

Save

[SMM Daily Comment: Weak End-User Demand Exerted Pressure, High-Grade NPI Prices Edged Down] On April 10, SMM's upstream sentiment index for high-grade NPI was 2.74, up 0.03 MoM, while the downstream sentiment index for high-grade NPI was 1.48, flat MoM.

SMM News, April 10,

April 10, the SMM high-grade NPI market sentiment factor was 2.11, up 0.02 MoM, the high-grade NPI upstream sentiment factor was 2.74, up 0.03 MoM, and the high-grade NPI downstream sentiment factor was 1.48, basically flat MoM. Supply side, the upstream offer center was basically flat, and the market showed mediocre performance. Demand side, overall demand was sluggish, market transactions were hard to find, and the actual transaction center still had a downward trend. Overall, end-user weakness exerted pressure, and high-grade NPI prices edged down.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

[SMM Nickel Midday Review] Nickel Prices Edged Down on April 10, March CPI Down 0.7% MoM

3 hours ago

5 hours ago

[SMM Stainless Steel Flash] India's Rathi Steel Achieves 41.8% Revenue Growth in FY26

Rathi Steel and Power Ltd announced a significant 41.8% jump in annual revenue, reaching Rs 7,167 million for FY26. The company’s strong performance was highlighted by a robust Q4 revenue of Rs 2,448 million. The growth was driven by steady demand for stainless steel long products and TMT bars. A key operational highlight is the company’s direct charging capability for wire rod production, which minimizes fuel consumption by feeding hot billets directly into the mill. While cautious regarding geopolitical shifts, the firm’s promoters remain optimistic about India’s long-term economic growth.

5 hours ago

[SMM Stainless Steel Flash] LME Nickel Surges on Tight Ore Supply and Weaker Dollar

LME nickel futures jumped by US$354/ton to US$17,302/ton, while the spot price rose by US$349/ton to US$17,103/ton. LME-monitored inventories edged down by 138 tons to 281,358 tons. The rebound is primarily fueled by Indonesia’s tight nickel ore quotas (RKAB), which were capped at 190–200 million tons, signaling constrained supply at the mining level. A weaker US dollar, following a two-week Middle East ceasefire, further bolstered prices. However, high refined nickel inventories and ample NPI supply, coupled with slower-than-expected demand recovery in China’s stainless steel and EV sectors, suggest that nickel prices will remain volatile in the short term.

5 hours ago