SMM Nickel Flash: NPI Market Shows Divergent Pattern, Suppliers Hold Firm Amid Intense Bargaining

Published: Jun 29, 2026 15:00

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[SMM Nickel Flash] On June 29, the SMM high-grade NPI market sentiment factor stood at 2.09, down 0.03 MoM. The high-grade NPI upstream sentiment factor was 2.4, down 0.04 MoM, and the high-grade NPI downstream sentiment factor came in at 1.77, down 0.02 MoM. That day, the NPI market exhibited a divergent pattern: suppliers held prices firm with high offers, downstream buyers pushed for significantly lower prices, and low-grade NPI cargoes traded at deep discounts. Tight circulation of port spot cargoes supported suppliers' quotes, but alternative raw materials continued to divert rigid demand, resulting in intense bargaining.

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