[NPI Daily Review] Significant Futures Rally Widened Price Spread, Driving Some Traders to Actively Seek Supplies

Published: Apr 14, 2026 12:22

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[SMM Daily Comment: Sharp Rise in Futures Widened Price Spread, Driving Some Traders to Actively Inquire About Purchases] April 14 — The SMM high-grade NPI upstream sentiment index was 2.84, up 0.06 MoM, and the high-grade NPI downstream sentiment index was 1.52, up 0.01 MoM.

SMM April 14 News,

April 14 News, the SMM high-grade NPI market sentiment factor was 2.18, up 0.03 MoM, the high-grade NPI upstream sentiment factor was 2.84, up 0.06 MoM, and the high-grade NPI downstream sentiment factor was 1.52, up 0.01 MoM. Supply side, the introduction of new Indonesian policies drove smelters to hold prices firm with greater determination, and upstream players raised their quotes one after another. Demand side, steel mill quotes generally remained flat and were not driven by futures, but some traders actively sought quotes supported by arbitrage margins. Overall, the market price center edged up slightly, but upside potential remained limited for the time being due to weak downstream buying interest.

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