[NPI Daily Review] Significant Divergence Between Upstream and Downstream, High-Grade NPI Prices in High-Level Stalemate

Published: May 11, 2026 13:46

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[SMM Daily Comment: Significant Divergence Between Upstream and Downstream, High-Grade NPI Prices Stagnant at High Levels] May 11 — The SMM high-grade NPI upstream sentiment index was 3.52, down 0.08 MoM, and the high-grade NPI downstream sentiment index was 2.42, down 0.07 MoM.

SMM, May 11 –

On May 11, the SMM high-grade NPI market sentiment factor stood at 2.97, down 0.08 MoM. The upstream sentiment factor for high-grade NPI was 3.52, down 0.08 MoM, while the downstream sentiment factor was 2.42, down 0.07 MoM. Today, the NPI market remained in a high-level stalemate, with a wide quotation range and evident supply-demand divergence. Suppliers showed strong willingness to hold prices firm, supported by solid costs. Downstream steel mills mainly made just-in-time procurement, with end-users displaying strong fear of heights and wait-and-see sentiment. Overall market transactions were sluggish, with only a small amount of hedging supply released due to stable futures.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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