SMM High-Grade NPI Sentiment Index Rises Slightly, Market Trading Remains Sluggish

Published: Jul 17, 2026 15:03

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[SMM Nickel Express] On July 17, the SMM high-grade NPI market sentiment index stood at 1.97, up 0.01 MoM; the upstream sentiment index for high-grade NPI was 2.06, flat MoM; and the downstream sentiment index for high-grade NPI was 1.88, up 0.02 MoM. Prices in the spot high-grade NPI market varied across different ranges. Bullish and bearish expectations in the market continued to diverge. Overall trading remained sluggish, and fixed-price bulk purchases by steel mills continued to be absent.

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