[NPI Daily Review] Tug-of-war between longs and shorts intensifies in the NPI market, downstream procurement shows strong wait-and-see sentiment

Published: Oct 12, 2026 12:36 (GMT+8)

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[SMM Daily Review: Tug-of-war between longs and shorts intensifies in the NPI market, downstream procurement wait-and-see sentiment thickens] October 12 news, SMM high-grade NPI upstream sentiment factor was 1.87, flat MoM, and the high-grade NPI downstream sentiment factor was 1.73, up 0.01 MoM.

SMM, October 12:

On October 12, the SMM high-grade NPI market sentiment factor stood at 1.8, up 0.01 MoM. The upstream sentiment factor for high-grade NPI was 1.87, flat MoM, while the downstream sentiment factor was 1.73, up 0.01 MoM. The NPI market is currently under pressure overall, with weak demand from the stainless steel industry. Some enterprises adjusted their production structures and scheduled maintenance and production cuts, dragging down NPI consumption expectations. Market participants hold clearly divergent views. Downstream steel mills showed a strong desire to bargain down prices, while most enterprises remained on the sidelines, waiting for prices to fall further. Some purchase intentions were concentrated in the lower price range. However, the impact of El Niño on high-grade NPI production may be prolonged, and there is a notable price spread between smelter quotes on the supply side and downstream demand. Overall, downstream purchase willingness is weak, substantial bulk transactions remain scarce, and the market tug-of-war continues.

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