[NPI Daily Review] Nickel Prices Drag NPI Further Down; Market Liquidity Raises Concerns

Published: Oct 16, 2026 15:39 (GMT+8)

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[SMM Daily Review: Nickel Prices Drag NPI Further Down, Market Liquidity Raises Concerns] October 16 - SMM's upstream sentiment factor for high-grade NPI stood at 1.8, flat MoM, while the downstream sentiment factor for high-grade NPI was 1.71, up 0.05 MoM.

SMM, October 16:

On October 16, the SMM high-grade NPI market sentiment factor stood at 1.75, up 0.02 MoM. The upstream sentiment factor for high-grade NPI was 1.80, flat MoM, while the downstream sentiment factor was 1.71, up 0.05 MoM. The nickel pig iron market remained in the doldrums, with falling nickel prices fueling market pessimism. Downstream steel mills pushed aggressively for lower prices, and low-end price collection continued to probe downward. Market quotation formats diverged, with fewer fixed-price offers and more transactions negotiated on parity with average prices. Market disagreement was evident, as some enterprises believed current NPI costs remained elevated and full-year supply showed no significant surplus. However, most traders and steel mills held a bearish view, expecting further downside in prices. Overall trading was sluggish, and NPI is likely to remain locked in a weak bargaining pattern in the near term.

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