[NPI Daily Review] Market Procurement and Sales Activity Recovered, and High-Grade NPI Prices Still Had Upside Room

Published: Mar 11, 2026 11:43

Save

[SMM Daily Review: Market Purchasing and Selling Activity Recovered, High-Grade NPI Prices Still Have Upside Room] March 11 News: SMM's upstream sentiment factor for high-grade NPI was 2.87, down 0.02 MoM, while the downstream sentiment factor for high-grade NPI was 1.64, up 0.08 MoM.

SHANGHAI, Mar 11 (SMM) —

Mar 11 (SMM) — The SMM high-grade NPI market sentiment factor was 2.26 on March 11, up 0.04 MoM; the upstream sentiment factor for high-grade NPI was 2.87, down 0.02 MoM; and the downstream sentiment factor for high-grade NPI was 1.64, up 0.08 MoM. Supply side, upstream smelter offers remained high, while previously available low-priced cargoes had been basically depleted, keeping costs for upstream available-for-sale cargoes elevated. Demand side, the tender price from mainstream steel mills boosted steel mills' procurement sentiment, and market activity recovered somewhat. After low-priced cargoes were basically depleted, the center of market transactions rebounded again. Overall, the brief period of market pressure ended, and the price center for high-grade NPI still had upside room.

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

7 hours ago

Data: SHFE, DCE market movement (Mar 11)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 11 Mar , 2026

7 hours ago

10 hours ago

[SMM Nickel Sulphate Daily Review] March 11, Raw Material Uncertainty Persisted, and Nickel Salt Prices Remained Stable

On March 11, the SMM average price of battery-grade nickel sulphate rose slightly.

10 hours ago

11 hours ago

[SMM Daily Review of Nickel Intermediate Products] On March 11, Nickel Prices for MHP and High-Grade Nickel Matte Rose

As of now, Indonesia’s MHP nickel FOB price was $15,379/mt Ni, and Indonesia’s MHP cobalt FOB price was $49,879/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 91. Indonesia’s high-grade nickel matte FOB price was $15,736/mt Ni.

11 hours ago