[NPI Daily Review] Rising Expectations of Tighter Future Supply, Steel Scrap Price Cuts Constrain NPI Price Gains

Published: May 21, 2026 14:47

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[SMM Daily Comment: Tightening Supply Expectations Heated Up, Steel Scrap Price Decline Restrained NPI Price Gains] May 21 — The SMM high-grade NPI upstream sentiment factor was 3.12, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 2.08, down 0.04 MoM.

SMM News, May 21,

May 21, the SMM high-grade NPI market sentiment factor was 2.6, down 0.01 MoM, the high-grade NPI upstream sentiment factor was 3.12, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 2.08, down 0.04 MoM. The high-grade NPI market remained stagnant and volatile today, with overall market quotes diverging. Tightening supply coupled with supportive policy factors strengthened sellers' willingness to hold prices firm, with most traders insisting on shipments at relatively high prices. Meanwhile, the industry was generally optimistic about the market support from tightening supply in Q3. On the downstream side, stainless steel and stainless steel scrap prices continued to decline, with the price ratio advantage of steel scrap further expanding. Steel mills showed weak purchasing enthusiasm and generally pushed down intended purchase prices. The price spread between high and low quotes in the market was significant, and overall trading activity remained subdued.

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