[NPI Daily Review] Policy Disruptions Combined with Wait-and-See Sentiment, NPI Trading Remained Sluggish

Published: May 22, 2026 15:29

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[SMM Daily Comment: Policy Disruptions Combined with Wait-and-See Sentiment, NPI Trading Remained Sluggish] May 22 — The SMM upstream sentiment index for high-grade NPI was 3.12, flat MoM, while the downstream sentiment index for high-grade NPI was 2.05, down 0.03 MoM.

SMM News, May 22,

May 22, the SMM high-grade NPI market sentiment factor was 2.58, down 0.02 MoM, the high-grade NPI upstream sentiment factor was 3.12, flat MoM, and the high-grade NPI downstream sentiment factor was 2.05, down 0.03 MoM. The high-grade NPI market saw overall sluggish trading today, with the market falling into a stagnant wait-and-see state and notable divergence between supply and demand on prices. In the morning, affected by uncertainties over Indonesia's export-related policies, some market participants suspended quotations. Supply was expected to tighten, and traders generally held back from selling and held prices firm. Mainstream quotations remained at high levels, with some cargoes firmly held at high prices and not released, and overall willingness to sell was weak. On the demand side, stainless steel prices struggled to rise, the price advantage of steel scrap became prominent, buyers clearly pushed for lower prices, and intended purchase prices were on the low side. The market saw only some inquiries, and substantive transactions were difficult to materialize.

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