[NPI Daily Review] Weak End-User Demand and Market Fear of High Prices Put Short-Term Pressure on High-Grade NPI Prices

Published: Mar 17, 2026 11:32

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[SMM Daily Review: Weak End-User Demand and Fear of High Prices Weighed on the Market, with High-Grade NPI Prices Under Pressure in the Short Term] March 17 News: SMM's upstream sentiment indicator for high-grade NPI was 2.85, down 0.04 MoM, while the downstream sentiment indicator for high-grade NPI was 1.6, down 0.03 MoM.

SMM News, March 17:

March 17 News: SMM's market sentiment factor for the high-grade NPI market was 2.23, down 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.85, down 0.04 MoM; and the downstream sentiment factor for high-grade NPI was 1.6, down 0.03 MoM. Supply side, some smelters held firm on quotes, but amid falling futures prices and stainless steel finished product prices coming under pressure, some traders showed signs of fear of high prices. Demand side, end-user demand remained weak and struggled to accept high stainless steel finished product prices, while the economic advantage of steel scrap expanded, further dampening steel mills' willingness to procure high-grade NPI. Overall, as stainless steel prices declined, the market saw a small number of low-priced high-grade NPI deals, and the market center remained under pressure in the short term.

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.

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