NPI Market Stagnant at High Levels, Supply-Demand Divergence Persists

Published: May 11, 2026 18:13

Save

[SMM Nickel Flash] On May 11, the NPI market remained stagnant at high levels, with a wide quotation range and notable supply-demand divergence. Suppliers had a strong willingness to hold prices firm, supported by solid cost underpinning. Downstream steel mills mainly made just-in-time procurement, while end-users were wary of high prices and wait-and-see sentiment was prevalent. Overall market transactions were sluggish, with only a small volume of hedging cargoes released as futures held steady.

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

1 hour ago

[SMM Flash News] Indonesia Postpones Export Levy on Nickel Products to Re-evaluate Balanced Formula

Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, announced on Monday (May 11, 2026) that the government is suspending the planned implementation of export levies (bea keluar) on downstream nickel products to develop a more balanced "win-win" formula for both the state and private sectors. While the levy is intended to incentivize smelters to move beyond Nickel Pig Iron (NPI) production, which has currently achieved only 40% of its downstream potential, the government is opting for a "wise" approach following industry feedback.

1 hour ago

SMM High-Grade NPI Sentiment Index Dips in May, Downstream Confidence Also Declines

[SMM Nickel Flash] On May 11, the SMM high-grade NPI market sentiment index was 2.97, down 0.08 MoM. The high-grade NPI upstream sentiment index was 3.52, down 0.08 MoM. The high-grade NPI downstream sentiment index was 2.42, down 0.07 MoM.

1 hour ago

2 hours ago

[SMM Analysis] Review and Analysis of Overseas Stainless Steel Market Hotspots in April 2026

Policy Intensity Reshaping the Landscape, Costs Returning to Highs, and Structural Tightening of Market Supply

2 hours ago