[NPI Daily Review] Tight Supply Supported Prices, While Weak Demand Formed Resistance

Published: May 15, 2026 14:20

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[SMM Daily Comment: Tight Supply Supported Prices, Weak Demand Formed Resistance] On May 15, the SMM high-grade NPI upstream sentiment index was 3.34, down 0.03 MoM, and the high-grade NPI downstream sentiment index was 2.3, down 0.03 MoM.

SMM News, May 15,

May 15 — The SMM high-grade NPI market sentiment index was 2.82, down 0.03 MoM. The high-grade NPI upstream sentiment index was 3.34, down 0.03 MoM. The high-grade NPI downstream sentiment index was 2.30, down 0.03 MoM. Today, the high-grade NPI market sentiment remained largely flat, continuing the pattern of elevated tug-of-war dynamics, with the price range fluctuating slightly and the center staying stable. Supply-demand price divergence remained relatively pronounced. On the supply side, high nickel unit spot cargo remained persistently scarce, with very limited circulation of resources above 12% high grade. The market maintained a hold-prices-firm sentiment, while some price reductions also occurred due to the weakening stainless steel market. On the demand side, weakening futures combined with declining steel scrap prices made steel mills cautious in their purchasing stance. Overall, tight spot cargo provided floor support for prices, but sluggish downstream demand follow-through and insufficient end-user uptake exerted downward pressure on prices. In the short term, NPI is expected to continue to hover at highs.

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.

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