[NPI Daily Review] Bullish and Bearish Factors Intertwined, Nickel Pig Iron Market Continued to Move Sideways

Published: May 26, 2026 11:10

Save

[SMM Daily Comment: Bullish and Bearish Factors Intertwined, NPI Market Continued to Move Sideways] May 26, the SMM upstream sentiment index for high-grade NPI was 3.09, down 0.03 MoM, while the downstream sentiment index for high-grade NPI was 2, flat MoM.

SMM News, May 26,

May 26, the SMM high-grade NPI market sentiment factor was 2.55, down 0.01 MoM, the high-grade NPI upstream sentiment factor was 3.09, down 0.03 MoM, and the high-grade NPI downstream sentiment factor was 2.00, flat MoM. The current NPI market maintained a sideways movement pattern, with bullish and bearish factors intertwined and constraining price trends. Supply side, the market generally held expectations of subsequent supply tightening, and sellers' offers remained elevated overall. Demand side, performance was weak, with steel mills adopting a cautious purchasing stance, mostly taking a wait-and-see approach. Bids were generally conservative, mainstream intended prices were on the low side, and there was limited appetite for high-priced cargoes. The lack of a clear recovery in stainless steel finished product prices remained the core factor hindering NPI price rises. Overall, tight supply expectations provided bottom support, while weak downstream demand and sustained steel mill inventory pressure continued to weigh on the market. In the short term, NPI prices are likely to continue moving sideways.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

27 mins ago

[SMM Nickel Market Flash] Korea's Spear Advances Indonesia HPAL Nickel Smelter with Tsingshan and NIC as Partners

South Korean aerospace materials group Spear is advancing construction of a next-generation High-Pressure Acid Leach (HPAL) nickel smelter in Indonesia, with acquisition of the project finalized earlier this year. The company is operating the Indonesian business through strategic partnerships with NIC, a globally listed minerals company, and Tsingshan Group, the world's largest nickel producer. Spear said it expects to recognize equity method gains and operational profits from the smelter going forward, alongside growth in nickel raw material distribution. Part of the 90 billion won raised through a recent CB block deal will be allocated to completing construction and funding offtake settlements for high-purity nickel output.

27 mins ago

32 mins ago

[SMM Nickel Market Flash] Viridian Metals Launches 50-Hole Drill Program at Kraken Cu-Ni Project in Labrador

Viridian Metals (VRDN.CN) will begin a minimum 50-hole diamond drill program in early June at its Kraken Copper-Nickel Project in Labrador, targeting copper-nickel sulphide mineralization along an approximately 5-kilometre strike length in the Main Zone. The 2026 campaign aims to connect broad-spaced drilling across the full Main Zone with tighter-spaced results from the northern portion of the system, advancing the project toward a continuously drill-defined mineralized footprint. Holes will target mineralization within 50 metres of surface, extend previously reported intercepts where earlier holes ended in mineralization or fell short of target depth, and test newly modeled conductor plates via downhole electromagnetic surveying.

32 mins ago

34 mins ago

[SMM Market Flash] Australia's Proposed CGT Overhaul Sparks Industry Warnings Over Junior Mining Funding

Australian mining executives are warning that Treasurer Jim Chalmers' proposed CGT overhaul — replacing the 50% discount with an inflation-linked rate that would nearly double tax on mining share gains — poses a structural threat to junior exploration funding. Junior resources companies rely heavily on retail investors, as institutional funds largely avoid the sector due to high failure risk; tighter CGT terms would reduce risk capital, leading to fewer discoveries and a thinner project pipeline. The industry is lobbying for junior explorers to be included in any start-up CGT carve-out, drawing comparisons to the 2010 resources super profits tax row that destabilised the Rudd government. Chalmers acknowledged industry concern but stopped short of a sector-specific commitment.

34 mins ago