SMM High-Grade NPI Sentiment Index Drops to 2.49 in April, Downstream Index Falls

Published: Apr 23, 2026 15:43

Save

[SMM Nickel Flash] On April 23, the SMM high-grade NPI market sentiment index was 2.49, down 0.02 MoM, the high-grade NPI upstream sentiment index was 3.11, up 0.01 MoM, and the high-grade NPI downstream sentiment index was 1.88, down 0.03 MoM.

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

2 hours ago

NPI Nickel Content Falls, Discounts Widen as Steel Mills Lower Procurement Standards

[SMM Nickel Flash] April 23 — According to SMM, the average nickel content of NPI continued its downward trend in April. Currently, the minimum procurement and sales requirement of multiple steel mills and traders had dropped from 11.5% to 11%. NPI with nickel content below 11% had long maintained a discount, and the discount was expected to widen further. Currently, NPI with nickel content below 11% had already seen offers at a discount of 20 yuan/nickel unit to the SMM average price. Meanwhile, NPI with nickel content of 11.5% and above 12% continued to maintain a high premium.

2 hours ago

Data: SHFE, DCE market movement (Apr 23)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Apr , 2026

2 hours ago

Nickel Market Stable as Suppliers Hold Firm, Demand for High-Nickel Materials Persists Amid Weak Futures

[SMM Nickel Flash] April 23 — Supply side, upstream suppliers maintained a firm pricing sentiment, with most suppliers holding quotes flat on the day. Demand side, futures weakened somewhat during the session, and steel mills currently showed weak purchasing sentiment, but demand for high nickel unit materials persisted. Overall, the market remained stable, with high nickel unit sources staying in short supply and maintaining high premiums.

2 hours ago