Nickel Market Sees Strong Demand and Rising Costs, NPI Transactions Surge Amid Bullish Sentiment

Published: Apr 29, 2026 11:21

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[SMM Nickel Flash] April 29 — According to SMM, as invoicing controls continued to deepen, the market expected medium and long-term steel scrap procurement to remain restricted, and downstream steel mills saw renewed demand for NPI. Combined with persistently rising costs on the nickel ore raw material side, steel mills showed strong willingness to restock. The market had concluded tens of thousands of mt Ni in NPI transactions, with nickel content above 11%, at prices of 1,130-1,150 yuan/nickel unit, with delivery covering May-July. Bullish sentiment was strong in the market.

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