[NPI Daily Review] High-Grade NPI Market Remained Stable Overall, High-Content Supplies Maintained Premium

Published: Apr 23, 2026 15:14

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[SMM Daily Comment: High-Grade NPI Market Remained Broadly Stable, High-Content Cargoes Maintained Premium] April 23 — The SMM upstream sentiment index for high-grade NPI was 3.11, up 0.01 MoM, while the downstream sentiment index for high-grade NPI was 1.88, down 0.03 MoM.

SMM April 23,

April 23, the SMM high-grade NPI market sentiment index was 2.49, down 0.02 MoM, the high-grade NPI upstream sentiment index was 3.11, up 0.01 MoM, and the high-grade NPI downstream sentiment index was 1.88, down 0.03 MoM. Supply side, upstream maintained a hold-prices-firm sentiment, with most suppliers' quotes today remaining flat MoM. Demand side, futures weakened somewhat during the day, and steel mills currently had relatively weak purchasing sentiment, but demand for high nickel units persisted. Overall, the market remained stable, with high nickel unit supply shortages sustaining high premiums.

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