NPI Market Sees Limited Transactions, High-Grade Cargo Scarce and Premiums Widening

Published: Mar 6, 2026 13:43

Save

[SMM High-Grade NPI] March 6 News: Supply side, smelter offers remained firm but transactions were limited, and spot cargo circulating in the market mainly consisted of sources held earlier by traders or futures arbitrage cargo. Demand side, end-use consumption was clearly suppressed, and steel mill procurement mainly relied on low-priced shipments from some traders. Overall, market structure differentiation was evident. The center of mainstream transaction prices for steel mills still operated below 1,100 yuan/nickel unit, but high-grade cargo with nickel content at 12 and above 14 was notably scarce, the premium range continued to widen, and recent high-priced transactions were mostly concentrated in high nickel unit cargo.

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 to learn 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

18 hours ago

Gulf disruption squeezes Indonesia nickel makers' sulphur supply

Due to the conflict in the Middle East, shipping through the Strait of Hormuz has been disrupted, raising the risk of tighter global sulphur supplies. Indonesia relies on the Middle East for around 75% of its sulphur imports, and sulphur is a key raw material for producing sulphuric acid, which is essential for leaching metals in nickel and copper processing. Analysts note that sulphur inventories at Indonesia’s HPAL nickel plants typically cover only one to two months of consumption. If transport disruptions persist, some plants may be forced to cut production as early as next month. Overall, if shipping disruptions in the Middle East continue for more than a few weeks, production and demand for related metals may need to slow.

18 hours ago

22 hours ago

High-Grade NPI Prices Stay Elevated Post-Holiday, Narrowing Discount with Refined Nickel

[SMM Nickel Flash] After the holiday, refined nickel prices pulled back, while high-grade NPI prices remained elevated, and the average discount of high-grade NPI versus refined nickel narrowed to 336.7 yuan/nickel unit. High-grade NPI prices are expected to still have upside room next week, while refined nickel prices are expected to decline MoM. The average discount of high-grade NPI versus refined nickel is expected to continue narrowing; however, supported by new energy orders, the conversion of NPI to high-grade nickel matte still has momentum.

22 hours ago

[SMM Analysis] SS Weekly Review: Geopolitical Shocks and Cost Inflation Drive Prices as Market Faces Peak Season Test

22 hours ago