[NPI Daily Review] Cost Support Meets Cooling Downstream Prices, Putting Pressure on High-Grade NPI Prices

Published: Mar 16, 2026 15:13

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[SMM Daily Review: Cost Support Met Cooling Downstream Prices, Putting Pressure on High-Grade NPI Prices] March 16 News: SMM's upstream sentiment factor for high-grade NPI was 2.89, down 0.03 MoM, while the downstream sentiment factor for high-grade NPI was 1.63, down 0.09 MoM.

SMM News, March 16:

March 16 News: SMM's market sentiment factor for high-grade NPI was 2.26, down 0.06 MoM; the upstream sentiment factor for high-grade NPI was 2.89, down 0.03 MoM; and the downstream sentiment factor for high-grade NPI was 1.63, down 0.09 MoM. Supply side, upstream cost support still remained. Demand side, downstream spot order procurement mainly focused on cargoes with high nickel units, and amid falling stainless steel prices, the downstream psychological price level showed a downward trend. Overall, the stage of back-and-forth negotiations between upstream and downstream had not yet ended, and high-grade NPI prices faced resistance from stainless steel finished products on the upside.

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