[NPI Daily Review] Wide Buying-Selling Price Spread Keeps NPI Market Trading Sluggish

Published: Jun 11, 2026 11:51

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[SMM Daily Review: Significant Bid-Ask Price Spread Keeps Nickel-Iron Market Trading Sluggish] Jun 11 news, SMM high-grade NPI upstream sentiment factor was 2.81, down 0.07 MoM, and high-grade NPI downstream sentiment factor was 1.85, down 0.04 MoM.

SMM June 11 - ,

On June 11, the SMM high-grade NPI market sentiment factor was 2.26, down 0.07 MoM, the upstream sentiment factor for high-grade NPI was 2.72, down 0.09 MoM, and the downstream sentiment factor for high-grade NPI was 1.81, down 0.04 MoM. Futures continued their decline during the daytime session, and NPI spot trading remained sluggish, with price divergence further highlighted as the bid-ask spread between buyers and sellers continued to widen. Given the market divergence, negotiations were commonly based on average prices plus premiums. On the demand side, steel scrap offers outstanding cost-effectiveness, with nickel unit costs at low levels when converted; downstream users increased their scrap ratio, reducing NPI procurement demand and adopting a cautious procurement stance. Overall, the tug of war between suppliers holding prices firm and buyers pushing for lower prices persisted. Coupled with weak demand, the market in the short term will remain in a state of sluggish trading and weak fluctuations.

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