[NPI Daily Review] High-Grade NPI Prices Moved Up, Pre-Holiday Wait-and-See Sentiment Led to Sluggish Trading

Published: Apr 28, 2026 16:08

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[SMM Daily Comment: High-Grade NPI Prices Moved Up, Pre-Holiday Wait-and-See Sentiment Led to Sluggish Trading] April 28 — The SMM high-grade NPI upstream sentiment factor was 3.3, up 0.01 MoM, and the high-grade NPI downstream sentiment factor was 1.89, flat MoM.

SMM April 28,

April 28, the SMM high-grade NPI market sentiment factor was 2.59, flat MoM. The high-grade NPI upstream sentiment factor was 3.3, up 0.01 MoM. The high-grade NPI downstream sentiment factor was 1.89, flat MoM. The NPI market overall continued its firm but cautious trading stance today. Supply side, hold-prices-firm and hold-back-from-selling sentiment was evident, with mainstream quotations gradually moving up to 1,140-1,150 yuan/nickel unit, and some high quotes already reaching 1,160-1,180 yuan/nickel unit. However, steel mills' acceptance remained limited, with most psychological prices still around 1,100-1,130 yuan/nickel unit. Overall, new transactions were hard to find today, with strong wait-and-see sentiment ahead of the holiday. Cost side, Indonesian ore prices and HPM raise expectations continued to support NPI costs, and some enterprises believed May costs would rise further. Therefore, the short-term market presented a stalemate of "low-priced cargoes hard to find, high-priced transactions slow."

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