[NPI Daily Review] Low-Priced Sell-Offs Triggered Panic Sentiment, and High-Grade NPI Declined in Stages

Published: Mar 20, 2026 11:43

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[SMM Daily Review: Low-Priced Sell-Offs Fueled Panic Sentiment, Triggering a Phased Decline in High-Grade NPI] March 20 News: SMM's upstream sentiment factor for high-grade NPI was 2.84, down 0.04 MoM, while the downstream sentiment factor for high-grade NPI was 1.63, up 0.04 MoM.

SMM News, March 20,

March 20 News, SMM high-grade NPI market sentiment factor stood at 2.23, down 0.01 MoM; the upstream sentiment factor for high-grade NPI was 2.84, down 0.04 MoM; and the downstream sentiment factor for high-grade NPI was 1.63, up 0.04 MoM. Supply side, under the impact of a sharp pullback in nickel prices yesterday, low-price sell-offs emerged in the market, fueling panic sentiment and loosening upstream offers. Demand side, some steel mills and traders made purchases at low prices, but trading volume for low-priced cargoes remained limited. At present, many steel mills were bidding below 1,080 yuan/nickel unit, but deals were difficult to conclude. Overall, falling nickel prices yesterday loosened market offers, and high-grade NPI prices declined temporarily.

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