[NPI Daily Review] Market Overall in Stalemate with Fluctuations, Structural Trend in Nickel Pig Iron Continues

SMM June 2 News,

   June 2 News, the SMM high-grade NPI market sentiment factor was 2.48, down 0.02 MoM; the high-grade NPI upstream sentiment factor was 3.02, down 0.03 MoM; the high-grade NPI downstream sentiment factor was 1.93, down 0.01 MoM. The NPI market overall maintained a stagnant and sideways pattern today, with limited futures fluctuations and an intense tug-of-war between longs and shorts, while transactions showed clear structural divergence. Price side, mainstream quotations showed mixed performance, but transaction support remained relatively limited, with the procurement side showing weak willingness to accept high prices above 1,150 yuan/nickel unit. In terms of supply structure, spot cargo in the market was generally tight, with the scarcity of high-grade NPI circulating resources above 12% grade becoming prominent. Prices of high-grade cargo above 12% remained firm at elevated levels, forming a notable price spread with medium- and low-grade cargo, and the grade-based price differentiation continued to widen. Fundamentals side, the market currently exhibited a state where holding prices firm at high levels lacked momentum and downstream procurement remained cautious. In the short term, the market is likely to continue a trend of structurally firm conditions, overall stagnant transactions, and sideways movement.