[NPI Daily Review] Rising Expectations of Tighter Future Supply, Steel Scrap Price Cuts Constrain NPI Price Gains

Published: May 21, 2026 14:47

Save

[SMM Daily Comment: Tightening Supply Expectations Heated Up, Steel Scrap Price Decline Restrained NPI Price Gains] May 21 — The SMM high-grade NPI upstream sentiment factor was 3.12, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 2.08, down 0.04 MoM.

SMM News, May 21,

May 21, the SMM high-grade NPI market sentiment factor was 2.6, down 0.01 MoM, the high-grade NPI upstream sentiment factor was 3.12, up 0.02 MoM, and the high-grade NPI downstream sentiment factor was 2.08, down 0.04 MoM. The high-grade NPI market remained stagnant and volatile today, with overall market quotes diverging. Tightening supply coupled with supportive policy factors strengthened sellers' willingness to hold prices firm, with most traders insisting on shipments at relatively high prices. Meanwhile, the industry was generally optimistic about the market support from tightening supply in Q3. On the downstream side, stainless steel and stainless steel scrap prices continued to decline, with the price ratio advantage of steel scrap further expanding. Steel mills showed weak purchasing enthusiasm and generally pushed down intended purchase prices. The price spread between high and low quotes in the market was significant, and overall trading activity remained subdued.

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 for 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

1 hour ago

Indonesian MHP Nickel and High-Grade Nickel Matte Prices Drop, Cobalt Rises

According to SMM data, on June 17, the FOB price of MHP nickel in Indonesia fell $56/mt Ni from the previous day, while the FOB price of MHP cobalt rose $21/mt Co. The FOB price of high-grade nickel matte in Indonesia dropped $56/mt Ni.

1 hour ago

[SMM Nickel Intermediate Product Daily Review] June 17: Nickel and cobalt prices for MHP and high-grade nickel matte rose

As of now, the FOB price for Indonesian MHP nickel is $16,244/mt Ni, and the FOB price for Indonesian MHP cobalt is $51,333/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 95. The FOB price for Indonesian high-grade nickel matte is $16,330/mt Ni.

1 hour ago

[SMM Nickel Sulphate Daily Review] June 17, market trading sentiment was mediocre, nickel salt prices held steady.

On June 17, the SMM battery-grade nickel sulphate average price remained stable.

1 hour ago