SMM High-Grade NPI Market Sentiment Remains Steady in July, Spot Market Sees Ongoing Tug-of-War

Chinese Taiwan’s imports of 300-series stainless steel hot-rolled products rebounded to around 54,400 mt in June, up 46.4% month on month, ending two consecutive months of decline and reaching the second-highest level this year. Import prices rose for a fifth straight month to a two-year-and-eight-month high. Market participants attributed the increase to Indonesia’s nickel production restrictions, which lifted raw material costs and prompted Tsingshan to raise export offers. First-half imports reached approximately 284,400 mt, up 3.7% year on year, adding to cost pressure on local mills.

[SMM Nickel Flash] On July 29, fixed-price actual orders for high-grade NPI remain scarce, with market transactions generally based on a premium/discount negotiation model. Premiums for mainstream supply have edged down from earlier levels, but upstream and downstream price levels remain difficult to match. Bearish sentiment persists on the demand side, and the market remains cautious about the outlook for August.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 29 Jul , 2026