SMM High-Grade NPI Market Sentiment Declines, Spot Supply Tight and Transactions Limited

Published: Jul 13, 2026 15:13 (GMT+8)

Save

[SMM Nickel Flash] July 13 news: The SMM high-grade NPI market sentiment factor was 2, down 0.03 MoM, the upstream sentiment factor for high-grade NPI was 2.17, down 0.07 MoM, and the downstream sentiment factor for high-grade NPI was 1.83, unchanged MoM. Today, bullish and bearish expectations in the spot high-grade NPI market continued to diverge, with spot circulating supply overall tight, and transactions at both upstream procurement and downstream sales were hampered, leading to overall limited actual transactions in the market.

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

13 hours ago

SMM High-Grade NPI Sentiment Factor Decreases to 1.78 Amid Ongoing Market Tug-of-War

[SMM Nickel Flash] On September 21, the SMM high-grade NPI market sentiment factor stood at 1.78, down 0.01 MoM. The upstream sentiment factor for high-grade NPI was 1.84, down 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.72, flat MoM. The tug-of-war in the NPI market continued today.

13 hours ago

14 hours ago

El Niño Drought in Indonesia May Affect Nickel Pig Iron Production at IMIP Park

[SMM Nickel Flash] September 21 - According to SMM, due to the El Niño phenomenon, Indonesia has experienced drought conditions, with local production water supply under pressure and transportation conditions disrupted. Nickel pig iron production at Indonesia's IMIP industrial park may be affected in October, though specific production plans have not yet been clarified. Given current market inventory levels, the impact on the overall supply-demand pattern is expected to be limited in the short term. SMM will continue to monitor changes in water supply and production operations at the park.

14 hours ago

15 hours ago

Data: SHFE, DCE market movement (Sep 21)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 21 Sep , 2026

15 hours ago