[NPI Daily Review] Consecutive Declines in Futures Drag Down Spot Cargo, NPI Price Center Continues to Move Down

Published: Jun 10, 2026 14:43

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[SMM Daily Commentary: Futures’ Losing Streak Weighs on NPI Spot, Price Center Keeps Moving Lower] June 10 – SMM high-grade NPI upstream sentiment factor stood at 2.81, down 0.07 MoM, while the downstream sentiment factor was at 1.85, down 0.04 MoM.

SMM June 10 news,

June 10 news, the SMM high-grade NPI market sentiment factor was 2.33, down 0.06 MoM; the upstream sentiment factor for high-grade NPI was 2.81, down 0.07 MoM; and the downstream sentiment factor was 1.85, down 0.04 MoM. Today, the nickel-iron market maintained a weak pattern overall, with futures continuing to decline, dragging down spot sentiment, the price center shifting further down, and the divergence between bulls and bears widening. In terms of transactions, inquiries were generally low, and buyers broadly lowered their psychological price levels. Affected by expectations of further declines, stockpiling willingness remained subdued. Downstream production and operating pressure transmitted upward, and the cost of steel scrap converted into nickel units fell, maintaining a cost advantage and continuing to divert NPI demand. The industry generally holds a bearish view on the short-term market, judging that prices still have downside room. Under the off-season effect, prices struggle to rebound. Although some suppliers held high prices firm, the effect of holding prices firm was limited under the pressure of multiple bearish factors. Overall, the NPI market is expected to maintain a weak downward trend in the short term, with trading remaining sluggish.

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