[NPI Daily Review] High-Grade NPI Prices Moved Up, Pre-Holiday Wait-and-See Sentiment Led to Sluggish Trading

Published: Apr 28, 2026 16:08

Save

[SMM Daily Comment: High-Grade NPI Prices Moved Up, Pre-Holiday Wait-and-See Sentiment Led to Sluggish Trading] April 28 — The SMM high-grade NPI upstream sentiment factor was 3.3, up 0.01 MoM, and the high-grade NPI downstream sentiment factor was 1.89, flat MoM.

SMM April 28,

April 28, the SMM high-grade NPI market sentiment factor was 2.59, flat MoM. The high-grade NPI upstream sentiment factor was 3.3, up 0.01 MoM. The high-grade NPI downstream sentiment factor was 1.89, flat MoM. The NPI market overall continued its firm but cautious trading stance today. Supply side, hold-prices-firm and hold-back-from-selling sentiment was evident, with mainstream quotations gradually moving up to 1,140-1,150 yuan/nickel unit, and some high quotes already reaching 1,160-1,180 yuan/nickel unit. However, steel mills' acceptance remained limited, with most psychological prices still around 1,100-1,130 yuan/nickel unit. Overall, new transactions were hard to find today, with strong wait-and-see sentiment ahead of the holiday. Cost side, Indonesian ore prices and HPM raise expectations continued to support NPI costs, and some enterprises believed May costs would rise further. Therefore, the short-term market presented a stalemate of "low-priced cargoes hard to find, high-priced transactions slow."

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

Data: SHFE, DCE market movement (Apr 28)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 Apr , 2026

2 hours ago

4 hours ago

[SMM Stainless Steel Flash] Indonesia Stainless Steel Mills Raise Prices by $55/mt

According to SMM, driven by changes in upstream raw material policies and strong cost support, mainstream Indonesian stainless steel mills have significantly raised their prices by $55/mt today. The core reason for this major price adjustment is the recent announcement by the Indonesian Ministry of Energy and Mineral Resources (ESDM) to increase the benchmark price of nickel ore (HPM) and implement a completely new pricing formula. The execution of this new pricing mechanism has directly driven up procurement costs for nickel smelting. Under immense cost pressure, mainstream stainless steel mills have strongly pushed up their offers.

4 hours ago

6 hours ago

Indonesian MHP Nickel Prices Rise, Cobalt Falls; High-Grade Nickel Matte Up $240/mt Ni

According to SMM data, on April 27, Indonesia's MHP nickel FOB prices rose $238/mt Ni WoW, while Indonesia's MHP cobalt FOB prices fell $50/mt Co. Indonesia's high-grade nickel matte FOB prices rose $240/mt Ni from the previous day.

6 hours ago