[NPI Daily Review] Increased Downstream Transactions Drove Prices Up, Bullish Sentiment Intensified

Published: Apr 29, 2026 15:13

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[SMM Daily Comment: Downstream Transaction Volume Increase Drove Prices Up, Bullish Sentiment Strengthened] April 29 — The SMM high-grade NPI upstream sentiment factor was 3.54, up 0.24 MoM, and the high-grade NPI downstream sentiment factor was 2.6, up 0.71 MoM.

SMM April 29,

April 29, the SMM high-grade NPI market sentiment factor was 3.07, up 0.48 MoM; the upstream sentiment factor was 3.54, up 0.24 MoM; the downstream sentiment factor was 2.6, up 0.71 MoM. NPI market transactions strengthened notably today. Supply side, upstream producers held strong hold-prices-firm and hold-back-from-selling sentiment, with mainstream quotations concentrated at 1120-1150 yuan/nickel unit. Bullish expectations for the market strengthened, and post-holiday quotations are expected to continue rising. Meanwhile, Indonesian nickel ore raw material costs continued to rise, further supporting upstream willingness to hold prices firm. Demand side, affected by the deepening of invoicing controls, market expectations were that medium and long-term steel scrap procurement would remain restricted, and downstream steel mill demand for NPI climbed again, coupled with strong restocking willingness from steel mills under cost support. Steel mill procurement sentiment shifted from cautious to active overall, downstream restocking drove transaction volumes higher, and bullish sentiment was strong in the market.

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