[NPI Daily Review] Overnight Surge in Nickel Prices Boosted Market Sentiment, Driving Up High-Grade NPI Prices

Published: Apr 24, 2026 13:40

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[SMM Daily Comment: Overnight Surge in Nickel Prices Boosted Market Sentiment, Driving Up High-Grade NPI Prices] April 24 — The SMM upstream sentiment index for high-grade NPI was 3.21, up 0.1 MoM, and the downstream sentiment index for high-grade NPI was 1.89, up 0.01 MoM.

SMM April 24 News,

April 24 News, the SMM high-grade NPI market sentiment factor was 2.55, up 0.06 MoM, the high-grade NPI upstream sentiment factor was 3.21, up 0.1 MoM, and the high-grade NPI downstream sentiment factor was 1.89, up 0.01 MoM. Supply side, nickel prices surged on the overnight night session, the market unanimously raised quotes, and upstream sentiment to hold prices firm was positive. Demand side, stainless steel futures also moved higher, but China's spot market prices remained suppressed by end-users, and steel mills currently had limited acceptance of NPI prices. Overall, the surge in nickel prices drove high-grade NPI prices stronger, but upside room may be limited under end-user suppression.

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