SMM Nickel Flash: NPI Market Sentiment Mixed, Upstream Stable and Downstream Slightly Up Ahead of Holiday

Published: Sep 22, 2026 18:15 (GMT+8)

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[SMM Nickel Flash] On September 22, the SMM high-grade NPI market sentiment factor stood at 1.79, up 0.01 MoM. The upstream sentiment factor for high-grade NPI was 1.84, flat MoM, while the downstream sentiment factor for high-grade NPI was 1.74, up 0.02 MoM. With the holiday approaching, trading sentiment in the NPI market diverged, as some traders opted to withhold offers and suspend quotations, with wait-and-see sentiment intensifying.

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