[NPI Daily Review] Futures Rebound Boosted Sentiment, Local NPI Transactions Saw Some Volume Increase

Published: Jun 12, 2026 12:17

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[SMM Daily Review: Futures Rebound Lifts Sentiment; Local NPI Trading Volume Picks Up] Jun 12 (SMM) — The SMM high-grade NPI upstream sentiment factor was 2.73, up 0.01 MoM, while the downstream sentiment factor was 1.82, also up 0.01 MoM.

SMM June 12 news,

June 12 news, SMM high-grade NPI market sentiment index was 2.28, up 0.02 MoM; the high-grade NPI upstream sentiment index was 2.73, up 0.01 MoM; and the high-grade NPI downstream sentiment index was 1.82, up 0.01 MoM. The rebound in futures today drove a slight recovery in market sentiment. NPI spot trades saw a phased recovery, with increased market transactions. Prices performed differently across regions and grades. Fundamentally, stainless steel had some production cuts, overall industry operations were under pressure, which constrained raw material procurement. Although the strengthening futures market improved short-term sentiment, high-priced deals remained difficult to close, and the bargaining between buyers and sellers persisted. On prices, a few transactions were closed in the range of 1,140-1,150 yuan/nickel unit, with a trading volume of several thousand mt. Overall, the futures rebound briefly lifted market quoting sentiment, but bearish factors remained, and the demand side was unlikely to see notable improvement. In the near term, the market is likely to present a trend of recovering sentiment, sideways price movements, and localized transaction improvements.

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