[NPI Daily Review] Sharp Drop in Nickel Prices Weighed on Market Confidence, High-Grade NPI Price Center Pulled Back

Published: Mar 19, 2026 14:26

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[SMM Daily Review: Sharp Drop in Nickel Prices Dragged Down Market Confidence, High-Grade NPI Price Center Pulled Back] March 19 News: SMM's upstream sentiment factor for high-grade NPI was 2.88, up 0.07 MoM, and the downstream sentiment factor for high-grade NPI was 1.59, up 0.02 MoM.

SMM News, March 19,

March 19 News: SMM high-grade NPI market sentiment factor stood at 2.24, up 0.05 MoM; the upstream sentiment factor for high-grade NPI was 2.88, up 0.07 MoM; and the downstream sentiment factor for high-grade NPI was 1.59, up 0.02 MoM. Supply side, nickel prices pulled back sharply under pressure from macro sentiment, hurting market confidence, while some upstream quotations loosened notably. Demand side, stainless steel prices were unlikely to rise, and amid the pullback in sentiment, intended prices from downstream steel mills also fell, with some low-priced transactions seen in the market. Overall, the sharp drop in nickel prices dragged down market confidence, and the price center of high-grade NPI pulled back.

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