NPI Nickel Content Falls, Discounts Widen as Steel Mills Lower Procurement Standards

Published: Apr 23, 2026 15:53

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[SMM Nickel Flash] April 23 — According to SMM, the average nickel content of NPI continued its downward trend in April. Currently, the minimum procurement and sales requirement of multiple steel mills and traders had dropped from 11.5% to 11%. NPI with nickel content below 11% had long maintained a discount, and the discount was expected to widen further. Currently, NPI with nickel content below 11% had already seen offers at a discount of 20 yuan/nickel unit to the SMM average price. Meanwhile, NPI with nickel content of 11.5% and above 12% continued to maintain a high premium.

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