[NPI Daily Review] Market Procurement and Sales Activity Recovered, and High-Grade NPI Prices Still Had Upside Room

Published: Mar 11, 2026 11:43

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[SMM Daily Review: Market Purchasing and Selling Activity Recovered, High-Grade NPI Prices Still Have Upside Room] March 11 News: SMM's upstream sentiment factor for high-grade NPI was 2.87, down 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.64, up 0.08 MoM.

SHANGHAI, Mar 11 (SMM) —

Mar 11 (SMM) — The SMM high-grade NPI market sentiment factor was 2.26 on March 11, up 0.04 MoM; the upstream sentiment factor for high-grade NPI was 2.87, down 0.02 MoM; and the downstream sentiment factor for high-grade NPI was 1.64, up 0.08 MoM. Supply side, upstream smelter offers remained high, while previously available low-priced cargoes had been basically depleted, keeping costs for upstream available-for-sale cargoes elevated. Demand side, the tender price from mainstream steel mills boosted steel mills' procurement sentiment, and market activity recovered somewhat. After low-priced cargoes were basically depleted, the center of market transactions rebounded again. Overall, the brief period of market pressure ended, and the price center for high-grade NPI still had upside room.

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