[NPI Daily Review] Sharp Rise in Nickel Prices Pushes Up Quotes, High-Grade NPI Price Center Rises Notably

Published: Apr 27, 2026 14:43

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[SMM Daily Comment: Sharp Rise in Nickel Prices Pushes Up Quotes, High-Grade NPI Center Rises Notably] April 27 — The SMM high-grade NPI upstream sentiment factor was 3.29, up 0.08 MoM, and the high-grade NPI downstream sentiment factor was 1.89, flat MoM.

SMM News, April 27,

April 27, the SMM high-grade NPI market sentiment factor was 2.59, up 0.04 WoW, the high-grade NPI upstream sentiment factor was 3.29, up 0.08 WoW, and the high-grade NPI downstream sentiment factor was 1.89, flat WoW. Supply side, the most-traded SHFE nickel contract tested upward toward 150,000, and suppliers raised their offers again, with most upstream pig iron producers and traders actively holding prices firm. Demand side, stainless steel and steel scrap prices also rose, and downstream steel mills showed greater acceptance of high-grade NPI prices. However, as the price spread between high-grade NPI and SHFE nickel had not widened significantly, and the market outlook remained unclear, arbitrage buying driven by price increases was limited, providing limited support for further price gains. Overall, nickel prices surged significantly, the high-grade NPI price center shifted notably higher, and the market awaited actual transaction guidance for direction.

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