SMM, October 14:
On October 14, the SMM high-grade NPI market sentiment factor stood at 1.73, down 0.05 MoM. The upstream sentiment factor for high-grade NPI was 1.80, down 0.05 MoM, while the downstream sentiment factor for high-grade NPI was 1.66, down 0.05 MoM. Bearish sentiment in the nickel pig iron market has further intensified. Downstream stainless steel products are not circulating smoothly, social inventory pressure remains high, and the cost-effectiveness of steel scrap has improved. Steel mills are proactively reducing NPI purchases, with procurement expectations continuing to be revised downward. The market price center keeps shifting lower, and all parties are continuously lowering their bottom expectations, with most participants believing there is still downside room for prices. Overall trading remains sluggish, and market confidence is insufficient. In the short term, stainless steel demand is unlikely to recover quickly, and NPI may remain in a weak bottom-seeking pattern. Continued attention should be paid to the actual implementation of steel mill procurement.
![[SMM Nickel Midday Review] Nickel prices swung wildly and edged down on October 14, with the market in a tug-of-war ahead of the US CPI release tonight](https://imgqn.smm.cn/usercenter/vSdFt20251217171732.jpg)
