SMM Nickel Flash: High-Grade NPI Market Sentiment Steady, Structural Differentiation Continues

Published: Jun 5, 2026 14:23

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[SMM Nickel Flash] On June 5, SMM's high-grade NPI market sentiment factor stood at 2.45, flat MoM; the upstream sentiment factor for high-grade NPI was 2.95, down 0.02 MoM; and the downstream sentiment factor for high-grade NPI was 1.95, up 0.01 MoM. Today, structural differentiation in the NPI market persisted. Medium-to-low-grade material came under pressure from weakening futures and substitution impacts from steel scrap, while high-grade supply saw high supply-demand recognition and firm price support.

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