[NPI Daily Review] The SHFE/LME price ratio advantage of nickel plate stands out, and NPI market trading continues to weaken.

Published: Jun 26, 2026 13:58

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[SMM Daily Review: Nickel Plate SHFE/LME Price Ratio Advantage Prominent; NPI Market Trading Continues to Weaken] June 26 news, SMM high-grade NPI upstream sentiment factor stood at 2.52, down 0.07 MoM, while the downstream sentiment factor was 1.83, down 0.03 MoM.

SMM, June 26,

June 26, SMM high-grade NPI market sentiment index stood at 2.12, down 0.06 MoM, the upstream sentiment index for high-grade NPI was 2.44, down 0.08 MoM, and the downstream sentiment index for high-grade NPI was 1.79, down 0.04 MoM. Today, futures continued to decline, with the SHFE/LME price ratio advantage of nickel plates becoming prominent, the NPI market weakened overall, the earlier logic of tight spot supply was questioned, bargaining in the market intensified, and trading cooled significantly. The price ratio logic became a core bearish factor, with nickel plate declines exceeding expectations, steel scrap prices also fell in tandem, the cost-effectiveness of nickel plates and steel scrap was significantly better than NPI, steel mill purchasing focus shifted, and just-in-time procurement of NPI nearly stalled. Most traders, affected by wild swings in futures, opted to stay on the sidelines and cease quoting, short-term spot availability was limited, but the price ratio disadvantage suppressed buying interest. Overall, the substitution impact of nickel plates and the sharp weakening in futures weighed on NPI prices, the supply-demand tug-of-war was in a stalemate, and the short-term market remained in a state of sluggish trading with in the doldrums.

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