[NPI Daily Review] Firm Costs Support NPI Prices; Stainless Steel Under Pressure Limits Upside Room

Published: Mar 4, 2026 14:08

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[SMM Daily Review: Firm Costs Support NPI Prices; Stainless Steel Under Pressure Limits Upside Room] March 4 — SMM’s upstream sentiment factor for high-grade NPI was 2.86, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.29, up 0.01 MoM.

SMM News on March 4,

On March 4, the SMM high-grade NPI market sentiment factor was 2.09, up 0.02 MoM; the high-grade NPI upstream sentiment factor was 2.87, up 0.01 MoM; and the high-grade NPI downstream sentiment factor was 1.32, up 0.03 MoM. Supply side, nickel ore and auxiliary material prices continued to rise, upstream cost pressure gradually increased, and quotes remained firm. Demand side, steel scrap currently showed a clear cost advantage, stainless steel selling prices were flat, and under losses pressure, procurement sentiment was relatively subdued. Overall, persistently rising costs and transaction prices from just-in-time procurement in the market provided support for high-grade NPI prices, but news of additional quota allocations eased expectations of a supply deficit, while stainless steel prices being under pressure also created resistance for high-grade NPI. High-grade NPI prices 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.

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