SMM: High-Grade NPI Sentiment Index Drops, Market Remains Sluggish in July

Published: Jul 3, 2026 14:25

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[SMM Nickel Flash] On July 3, SMM’s high-grade NPI market sentiment index came in at 1.99, down 0.02 MoM. The upstream sentiment index for high-grade NPI stood at 2.26, down 0.03 MoM, while the downstream sentiment index for high-grade NPI was 1.72, flat MoM. The nickel pig iron market remained sluggish and stuck in a stalemate overall today, with purchase willingness from downstream steel mills staying mediocre.

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