SMM Nickel Flash: High-Grade NPI Market Sentiment Declines, Futures Weaken and Prices Drop

Published: May 18, 2026 21:56

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[SMM Nickel Flash] May 18 — The SMM high-grade NPI market sentiment indicator was 2.74, down 0.08 MoM; the high-grade NPI upstream sentiment indicator was 3.25, down 0.09 MoM; the high-grade NPI downstream sentiment indicator was 2.24, down 0.06 MoM. Today, the high-grade NPI market was dragged down by weakening futures, presenting an overall pattern of firm upstream offers, stagnant transactions, and a declining price center, with the price spread between high and low grades staying high.

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