[NPI Daily Review] Resource Supply Continues to Tighten, NPI Market Still Has Upside Room

SMM, June 17,

        June 17 — SMM high-grade NPI market sentiment factor was 2.33, up 0.02 MoM; the upstream sentiment factor for high-grade NPI was 2.77, up 0.02 MoM; and the downstream sentiment factor was 1.90, up 0.03 MoM. The NPI market, driven by concentrated downstream buying, saw overall prices continue to rise, with all-grade cargoes strengthening in tandem, and the market trend fluctuating upward. The demand side became the core driving force of the current price rise. Downstream procurement activity picked up, and purchasing strategies underwent a significant shift: no longer solely purchasing medium- and high-nickel-unit NPI, but gradually increasing procurement of low-grade cargoes, adopting a batching model that pairs low-grade NPI with refined nickel to control overall raw material costs. Overall, downstream diversified blending demand opened up upside room for low-grade nickel sources. Coupled with structural shortages of spot cargoes and continued buying interest, short-term market prices still had further upside room, and the market trend continued to fluctuate upward.