[NPI Daily Review] Market Quotation Disparities Widen; High-Grade NPI Caught in a Standoff

Published: Mar 9, 2026 13:47

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[SMM Daily Review: Wider Disparities in Market Quotes, High-Grade NPI Caught in a Standoff] March 9 News: SMM’s upstream sentiment factor for high-grade NPI was 2.9, up 0.02 MoM, and the downstream sentiment factor for high-grade NPI was 1.4, up 0.03 MoM.

SMM News on March 9,

March 9—SMM’s market sentiment factor for high-grade NPI was 2.2, up 0.05 MoM; the upstream sentiment factor for high-grade NPI was 2.9, flat MoM; and the downstream sentiment factor for high-grade NPI was 1.5, up 0.1 MoM. Supply side, nickel prices plunged sharply at the open today, prompting some traders’ short covering and creating room for low-priced shipments. However, nickel prices continued to rise, smelters’ cost support remained strong, and most upstream offers stayed at high levels. Demand side, a mainstream steel mill released a tender price of 1,070 yuan/nickel unit (in-hold price) for procurement today; some steel mills followed with offers, but deals at the same price level were temporarily difficult to conclude, with significant divergence between upstream and downstream. Overall, under the futures-spot arbitrage window, some traders sold earlier cargoes at low prices, but with costs surging sharply, smelters’ offers remained firm, the spread between high and low market quotes widened, and back-and-forth negotiations between upstream and downstream still needed time.

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