SMM: High-Grade NPI Market Sentiment Dips Amid Rising Port Inventory and Softer Stainless Steel Demand

Published: Aug 28, 2026 18:40

Save

[SMM Nickel Flash] On August 28, the SMM high-grade NPI market sentiment factor was 1.82, down 0.04 MoM; the upstream sentiment factor for high-grade NPI was 1.98, down 0.04 MoM; and the downstream sentiment factor for high-grade NPI was 1.67, down 0.02 MoM. Weakness in the high-grade NPI market persisted as port inventory rose again, and coupled with the softer stainless steel market, bearish market sentiment deepened further.

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 for 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

16 mins ago

Narrowing Price Gaps in NPI Grades Amid Sluggish Spot Transactions

【SMM Nickel Flash】August 28 — Price gaps across nickel‑point grades of NPI keep narrowing, and the premium spread between high‑ and low‑nickel‑point materials has been squeezed. Spot transactions remain sluggish. Some suppliers offer cargoes at lower levels yet face slow sales, with limited volumes of physical deals closed. Certain sellers still hold relatively high asking prices, creating a notable mismatch against price levels acceptable to downstream buyers.

16 mins ago

50 mins ago

【SMM Nickel Flash】Indonesian Hydrometallurgy Project to Cut MHP Output by 30% in September Amid Low Nickel Prices

According to SMM, due to recent low nickel prices and significant cost pressure, a hydrometallurgy project in Indonesia may cut production of mixed hydroxide precipitate (MHP) in September, with plans to reduce output by about 30%.

50 mins ago

2 hours ago

Nickel Prices Retreat as Rate Hike Fears Offset Dollar Weakness and Supply Surplus Persists

2 hours ago