[SMM Nickel Flash] On June 3, the SMM high-grade NPI market sentiment index was 2.49, up 0.01 MoM; the high-grade NPI upstream sentiment index was 3.04, up 0.02 MoM; and the high-grade NPI downstream sentiment index was 1.94, up 0.01 MoM. The NPI market today continued its structural divergence and stagnant price pattern overall.

[SMM Daily Comment: Significant Premium Stratification, Structural NPI Market Trend Continues] June 3 — The SMM upstream sentiment factor for high-grade NPI was 3.04, up 0.02 MoM, and the downstream sentiment factor for high-grade NPI was 1.94, up 0.01 MoM.

[SMM Stainless Steel Daily Review] SS Futures Strength Lifted Spot Prices; Producers Held Prices Firm, Supporting Short-term Price Resilience SMM, June 2: SS futures rose sharply. Driven by the overall strength in non-ferrous metal futures, SS also rose. As of the close, the most-traded SS contract settled at 15,065 yuan/mt. Spot market side, driven by the sharp rise in SS futures, stainless steel spot prices were raised in tandem. Fueled by the sentiment to rush to buy amid continuous price rise and hold back amid price downturn, trading activity picked up. Although the market was currently in the off-season with slightly insufficient confidence, stainless steel producers still had the willingness to hold prices firm, and social inventory had not yet shown significant accumulation. Despite slightly sluggish downstream demand, short-term prices were expected to remain firm. The most-traded SS futures contract strengthened and probed higher. At 10:15 AM, SS2607 was quoted at 14,149 yuan/mt, up 110 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 275-725 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi remained flat; for cold-rolled untrimmed 304/2B coil, the average price in Wuxi rose 100 yuan/mt and in Foshan rose 25 yuan/mt; cold-rolled 316L/2B coil prices in Wuxi rose 150 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi rose 50 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan remained stable. This week, the stainless steel market saw futures edge up slightly while spot prices stabilized sideways. The futures-spot linkage was weak, and the market officially entered the traditional consumption off-season, with intensifying tug-of-war between longs and shorts on fundamentals. Traders had weak confidence in the market outlook...

[SMM Daily Comment: Market Overall Stagnant and Volatile, NPI Structural Trend Continues] June 2 — The SMM high-grade NPI upstream sentiment factor was 3.02, down 0.03 MoM, and the high-grade NPI downstream sentiment factor was 1.93, down 0.01 MoM.

May high-grade NPI prices fell despite tighter costs, as nickel futures retreated, stainless margins weakened, and scrap regained its cost advantage. Indonesian policy and production-cut expectations built a floor, but weak downstream demand capped any rebound.

[SMM Daily Comment: Rising Policy Uncertainty Fuels Strong Wait-and-See Sentiment in the Market] June 1 — The SMM upstream sentiment index for high-grade NPI was 3.05, down 0.06 MoM, while the downstream sentiment index for high-grade NPI was 1.94, down 0.03 MoM.