[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.

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