[NPI Daily Review] High-Grade NPI May Still Have Downside Room Under the Dual Pressure of End-User Demand and Steel Scrap

Published: Mar 24, 2026 11:37

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[SMM Daily Review: High-Grade NPI May Still Have Downside Room Under the Dual Pressure of End-Users and Steel Scrap] March 24 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.59, down 0.04 MoM.

SMM, March 24:

March 24: SMM's high-grade NPI market sentiment factor stood at 2.23, down 0.02 MoM. The upstream sentiment factor for high-grade NPI was 2.88, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.59, down 0.04 MoM. Supply side, the availability of steel scrap in the market increased significantly. Under the dual pressure from end-user demand and the economic advantage of steel scrap, upstream quotations for high-grade NPI gradually showed signs of weakening. Demand side, downstream steel mills increased the proportion of steel scrap used, with limited acceptance of high-grade NPI prices. Overall, high-grade NPI prices remained in back-and-forth negotiations between upstream and downstream, and there may still be downside room in the near 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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