[NPI Daily Review] Downstream Buyers Remained on the Sidelines While Upstream Producers Showed Strong Willingness to Hold Prices Firm, NPI Market Held Up Well

Published: May 6, 2026 14:31

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[SMM Daily Comment: Downstream Adopted a Wait-and-See Approach While Upstream Showed Strong Willingness to Hold Prices Firm, and the Market Held Up Well] On May 6, 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 May 6 News,

May 6 News, the SMM high-grade NPI market sentiment factor was 3.05, down 0.04 MoM, the high-grade NPI upstream sentiment factor was 3.6, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 2.5, down 0.1 MoM. Upstream, Indonesian nickel ore costs and windfall tax policy news supported the willingness to hold prices firm, with smelters generally holding back from selling and bullish, and high-grade NPI quotes rose in tandem. Downstream, steel mills had relatively positive purchasing sentiment before the holiday. Although most steel mills maintained a wait-and-see attitude after the holiday, the market overall still held up well.

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