High-Grade NPI Demand Hits Ceiling, Spot Market Struggles as Forward Contracts Gain Traction

Published: Jul 24, 2026 11:57

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[SMM Nickel Flash] July 24 news: Currently, the purchase price for high-grade NPI demand clearly has a ceiling, with buyers largely leaning toward an average-price-plus-premium model. Sellers' shipment floor prices remain relatively high, making it difficult for the price spread between upstream and downstream to close quickly, and negotiations prove challenging. In the short term, matching actual orders in the spot market is quite difficult, with the transaction center gradually shifting toward forward contracts.

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