[NPI Daily Review] Futures Surged Combined with Cost Support, High-Grade NPI Prices Continued to Rise

Published: Apr 15, 2026 14:16

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[SMM Daily Comment: Futures Surged Combined with Cost Support, High-Grade NPI Prices Continued to Rise] April 15 — The SMM high-grade NPI upstream sentiment factor was 2.9, up 0.06 MoM, and the high-grade NPI downstream sentiment factor was 1.56, up 0.04 MoM.

SMM News, April 15:

April 15 — The SMM high-grade NPI market sentiment factor stood at 2.23, up 0.05 MoM. The high-grade NPI upstream sentiment factor was 2.90, up 0.06 MoM. The high-grade NPI downstream sentiment factor was 1.56, up 0.04 MoM. On the supply side, the introduction of new policies in Indonesia has driven smelters to hold prices firm more decisively, with upstream players continuing to raise offer prices. Meanwhile, nickel prices breaking through the 140,000 yuan mark further encouraged suppliers to raise prices. On the demand side, steel mill offer prices also edged up, and traders saw successive transactions, jointly pushing the price center higher. Overall, supported by multiple factors, high-grade NPI prices continued to rise.

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