[NPI Daily Review] A sharp drop in nickel prices drags down the market, and the NPI tug-of-war between longs and shorts intensifies.

Published: Jun 9, 2026 13:53

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[SMM Daily Review: Nickel Prices Plunge Drag Down Market, Tug-of-War Between Longs and Shorts in Nickel Pig Iron Intensifies] On June 9, SMM high-grade NPI upstream sentiment factor stood at 2.88, down 0.07 MoM, while its downstream sentiment factor was 1.89, down 0.04 MoM.

SMM June 9 –

June 9 – SMM high-grade NPI market sentiment index was 2.39, down 0.05 MoM, the high-grade NPI upstream sentiment index was 2.88, down 0.07 MoM, and the high-grade NPI downstream sentiment index was 1.89, down 0.04 MoM. Today, the NPI market was hit by consecutive declines in futures, overall sentiment weakened, and the price center moved lower. Bid and ask prices diverged significantly, with some quotes lowered along with the market, and bearish sentiment resurfaced. From a fundamental perspective, spot NPI supply remained tight, providing some support to prices and preventing spot NPI from fully tracking the decline in futures; however, bearish factors were more prominent, as the sharp drop in nickel prices weighed on the stainless steel sector, and downstream purchase price intentions declined accordingly. Meanwhile, the substitution advantage of steel scrap expanded further, continuously suppressing upward momentum in NPI prices. On the whole, with bearish factors concentrated—such as short-term weak futures, downstream under pressure, and raw material substitution—it is expected that high-grade NPI prices will face certain resistance on the upside, continuing a pattern of being in the doldrums.

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