[NPI Daily Review] Supply and Demand Resonated on Both Sides, Nickel Pig Iron Prices Continued to Rise

Published: Apr 30, 2026 15:02

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[SMM Daily Comment: Supply and Demand Resonate on Both Sides, NPI Prices Continue to Rise] On April 30, SMM high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM, and the high-grade NPI downstream sentiment factor was 2.6, flat MoM.

SMM April 30,

April 30, the SMM high-grade NPI market sentiment factor was 3.09, up 0.02 MoM. The high-grade NPI upstream sentiment factor was 3.58, up 0.04 MoM. The high-grade NPI downstream sentiment factor was 2.6, flat MoM. Steel mills made just-in-time procurement, driving up transaction volumes. Some steel mills made concentrated procurement of 11%-grade cargoes, driving a large number of high-price transactions. Upstream, rising costs of Indonesian nickel ore and downstream buying support bolstered the willingness to hold prices firm. Smelters generally held back from selling with a bullish outlook, with some indicative prices raised to 1,160-1,170 yuan/nickel unit. Downstream, expectations of restricted steel scrap procurement pushed up NPI demand. Pre-holiday steel mill procurement sentiment was relatively positive, and the market generally held up well with a generally stable with slight rise trend.

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