[NPI Daily Review] Cost Support Remained, While Stronger End-User Pressure Weighed on the Market and Weakened Quoted Prices

Published: Mar 18, 2026 13:42

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[SMM Daily Review: Cost Support Remained, While Stronger End-User Suppression Led to Loosening Market Quotes] March 18 News: SMM's upstream sentiment factor for high-grade NPI was 2.81, down 0.04 MoM, while the downstream sentiment factor for high-grade NPI was 1.57, down 0.03 MoM.

SMM, March 18:

March 18: SMM's market sentiment factor for high-grade NPI stood at 2.19, down 0.04 MoM. The upstream sentiment factor for high-grade NPI stood at 2.81, down 0.04 MoM, while the downstream sentiment factor stood at 1.57, down 0.03 MoM. Supply side, although production costs remained high, some upstream traders loosened their offers amid weak end-user demand. Demand side, stainless steel finished product prices broadly declined, and with steel mills facing losses, their intended purchase prices for high-grade NPI fell again, capping upside room for high-grade NPI prices. Overall, support at the bottom of high-grade NPI prices still existed, but market quotations loosened under pressure from weak end-user demand.

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