[NPI Daily Review] Back-and-Forth Negotiations Between Upstream and Downstream Continued; Spot High-Grade Nickel Units Remained in Short Supply, Keeping Premiums Elevated

Published: Mar 5, 2026 14:07

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[SMM Daily Review: Back-and-Forth Negotiations Between Upstream and Downstream Continued; Tight Supply of High Nickel Unit Cargoes Sustained Premiums] News on March 5: The upstream sentiment factor for SMM high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.37, up 0.05 MoM.

SMM News on March 5,

On March 5, the SMM high-grade NPI market sentiment factor stood at 2.12, up 0.03 MoM; the high-grade NPI upstream sentiment factor was 2.88, up 0.01 MoM; and the high-grade NPI downstream sentiment factor was 1.37, up 0.05 MoM. Supply side, smelter offers were firm with limited shipments, and spot cargo in market circulation mainly consisted of traders’ earlier inventory or futures arbitrage cargoes. Demand side, stainless steel finished product prices struggled to rise and also faced cost pressure. Recently, mainstream markets’ acceptance of the high-grade NPI port self pick-up price remained below 1,100 yuan/nickel unit, and upstream high prices were currently difficult to conclude deals. Overall, amid back-and-forth negotiations between upstream and downstream, high-grade NPI prices were flat, and restocking for high nickel unit cargoes was more active.

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