SHANGHAI, May 8 (SMM) - Last week, the weekly average discount of high-grade NPI stood at 820 yuan/mtu against refined nickel, 17 yuan/mtu narrower than two weeks ago. In terms of refined nickel, the nickel prices were on a downward trend last week as the prices moved abnormally earlier affected by the futures prices. The NPI traded prices rose somewhat since the stainless steel mills raised the purchase prices and the NPI suppliers quoted higher NPI prices after the Labour Day holiday. The stainless steel sector may exert some pressure on NPI prices due to poor stainless steel consumption. What's more, influenced by US non-farm data, the overnight nonferrous metals prices rose last Friday, while the NPI prices would experience some declines. The discounts of high-grade NPI against pure nickel will thus expand further.
Weekly Average Discount of High-Grade NPI Stood at 820 yuan/mtu Against Refined Nickel
Last week, the weekly average discount of high-grade NPI stood at 820 yuan/mtu against refined nickel, 17 yuan/mtu narrower than two weeks ago.
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
![[SMM Analysis] Why Did High-Grade NPI Fall Despite Tighter Costs? 2026 May NPI Market Review](https://imgqn.smm.cn/production/admin/votes/imagesbQPjo20260601175046.png)
5 hours ago
[SMM Analysis] Why Did High-Grade NPI Fall Despite Tighter Costs? 2026 May NPI Market Review
Read More
[SMM Analysis] Why Did High-Grade NPI Fall Despite Tighter Costs? 2026 May NPI Market Review
May high-grade NPI prices fell despite tighter costs, as nickel futures retreated, stainless margins weakened, and scrap regained its cost advantage. Indonesian policy and production-cut expectations built a floor, but weak downstream demand capped any rebound.
5 hours ago
6 hours ago
Data: SHFE, DCE market movement (Jun 01)
Read More
Data: SHFE, DCE market movement (Jun 01)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 01 Jun , 2026
6 hours ago
![[SMM Nickel Midday Review] Nickel Prices Edged Down on June 1, China's Manufacturing PMI Came in at 50.0% in May](https://imgqn.smm.cn/usercenter/KFwsY20251217171734.jpg)
9 hours ago
[SMM Nickel Midday Review] Nickel Prices Edged Down on June 1, China's Manufacturing PMI Came in at 50.0% in May
Read More
[SMM Nickel Midday Review] Nickel Prices Edged Down on June 1, China's Manufacturing PMI Came in at 50.0% in May
9 hours ago
Related News
[SMM Analysis] Why Did High-Grade NPI Fall Despite Tighter Costs? 2026 May NPI Market Review
Jun 01, 2026 17:41
Data: SHFE, DCE market movement (Jun 01)
Jun 01, 2026 15:57
[SMM Nickel Midday Review] Nickel Prices Edged Down on June 1, China's Manufacturing PMI Came in at 50.0% in May
Jun 01, 2026 13:42
[NPI Daily Review] Policy Uncertainty Intensified, Strong Wait-and-See Sentiment Prevailed in the Market
Jun 01, 2026 11:38