[NPI Daily Review] Weakening Stainless Steel Products Drag Down Nickel Iron, Intensifying Low-End Market Competition

Published: Oct 13, 2026 11:17 (GMT+8)

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[SMM Daily Review: Weakness in Stainless Steel Products Drags Down NPI, Intensifying Low-Level Market Battles] October 13 news, SMM's upstream sentiment factor for high-grade NPI was 1.85, down 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.71, down 0.02 MoM.

SMM, October 13:

On October 13, the SMM high-grade NPI market sentiment factor stood at 1.78, down 0.02 MoM. The upstream sentiment factor for high-grade NPI was 1.85, down 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.71, down 0.02 MoM. Bearish sentiment persisted in the nickel and iron market today. Falling stainless steel product prices further dampened raw material purchasing confidence. Downstream steel mills quoted cautiously and pushed hard for lower prices, leaving overall market transactions in a stalemate. Low-priced offers in the market increased somewhat, with some low-cost cargoes entering the negotiation stage. However, steel mills showed weak purchase willingness, and most quotes had yet to be finalized. Market transactions were mainly based on average price models. Market participants held divergent views. Some believed there was still downside for prices, with lows likely to be tested further. The price spread between upstream offers and steel mills' psychological expectations remained wide. In the short term, weak stainless steel demand is unlikely to improve quickly, and the nickel and iron market may consolidate on a weak note. Continued tracking of downstream purchase implementation is needed.

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.

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