Nickel Prices Rebound, but High-Grade NPI Market Struggles with Weak Fundamentals and Low Liquidity

Published: Sep 3, 2026 15:14

Save

[SMM Nickel Flash] September 3 news: Despite the rebound in nickel prices, the high-grade NPI market finds it difficult to reverse its weak fundamentals, and the market lacks liquidity. Steel mills continue to hold their acceptable price levels at the low end, and a significant price spread remains between upstream offers and steel mills' psychological price levels. The premium for high nickel unit cargoes has narrowed notably, and most institutions still hold a bearish outlook on the forward market.

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

25 mins ago

Data: SHFE, DCE market movement (Sep 03)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 03 Sep , 2026

25 mins ago

1 hour ago

SMM: High-Grade NPI Market Sentiment Weakens in September, Downstream and Upstream Factors Decline

[SMM Nickel Flash] On September 3, the SMM high-grade NPI market sentiment factor stood at 1.77, down 0.02 MoM. The upstream sentiment factor for high-grade NPI was 1.87, down 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.67, down 0.02 MoM. Spot high-grade NPI remains in a weak position.

1 hour ago

3 hours ago

[SMM Analysis] Downstream External Purchase Demand Weak; Nickel Salt Prices Fell This Week

3 hours ago