NPI Market Faces Pressure from Supply Recovery, Weak Demand, and Inventory Buildup

Published: Sep 11, 2026 11:23

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[SMM Nickel Flash] On September 11, SMM learned that the NPI market has been under pressure from multiple factors, including a recovery in loose supply, end-use consumption under pressure, continuously accumulating inventory, and weak macro sentiment, leading to a sustained price collapse. Recently, multiple fixed-price deals have been concluded in the market, with transaction prices ranging from 1,070 to 1,090 yuan/nickel unit, on a delivered, tax-inclusive basis, with a nickel content of 11% and trading volumes of 20,000-30,000 mt.

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