SMM, September 29 –
On September 29, the SMM high-grade NPI market sentiment factor stood at 1.85, up 0.01 MoM. The upstream sentiment factor for high-grade NPI was 1.93, flat MoM, while the downstream sentiment factor for high-grade NPI was 1.74, up 0.02 MoM. With the National Day holiday approaching, overall trading in the nickel pig iron market was sluggish, with most participants pausing active inquiries and offers as they awaited post-holiday market changes. Market expectations for the future were divided, with some participants concerned about continued inventory buildup after the holiday. Raw material supply remained ample, and the rebound in prices could be delayed until November. Spot transactions remained concentrated in the low-end range. Today, a mainstream stainless steel mill purchased tens of thousands of mt at a delivered price of 1,040 yuan/nickel unit. Current prices lacked upward drivers.
![[SMM Nickel Sulphate Daily Review] Sluggish Market Trading Before the Holiday on September 29, Nickel Sulphate Prices Declined](https://imgqn.smm.cn/usercenter/Btmsv20251217171733.jpg)
![[SMM Nickel Midday Review] Nickel prices continued to fall before the holiday on September 29, as US Treasury yields breaking 5.2% continued to pressure nonferrous metals](https://imgqn.smm.cn/usercenter/WNjzM20251217171732.jpeg)
