WhatsApp B2B Desk
Brief Date: Saturday, 5 September 2026Data as of: Friday, 4 September 2026Latest Brief

Global softness. India stays firm.

Market Thesis

China inputs are easing while Indian replacement cost remains sticky.

Trade Intelligence Notice: Indicative trade intelligence for industrial planning. Every figure carries its actual verified source and date. For firm contract pricing on specific coils, circles, or sheets, contact our desk.

China & Global Inputs

SHFE Stainless SS2610SS2610
RMB 13,870/t

Final settlement RMB 13,855/t.

+0.29% 1D, −0.82% 1WSource: SMM, 4 Sep 2026
China 300-Series Inventory300-INV
582,000 t
Key Inventory SignalDraw driven mainly by warrant outflow, not end-user demand.
−1.02% WoWSource: SMM, 4 Sep 2026
LME Nickel (3M)LME-NI-3M
US$16,835/t

Warehouse stock 270,768 t, unchanged in the latest session.

−0.41% 1D, approx −0.4% 1WSource: SMM / LME, 4 Sep 2026
Indonesia NPIIDN-NPI
RMB 1,113.2 / US$144.07

High-grade NPI fell RMB 9.3/nickel-unit WoW to RMB 1,113.2; Indonesia NPI FOB index fell US$1.44 to US$144.07/nickel-unit.

−RMB 9.3 WoW / −US$1.44Source: SMM, 4 Sep 2026

India Domestic

Stainless ScrapIND-SCRAP
Up week-on-week

Supply shortage supporting scrap despite softer global signals.

Source: BigMint, 4 Sep 2026
Finished StainlessIND-FINISHED
Up

Prices moved higher on tight raw-material supply.

Source: BigMint, 2 Sep 2026
September Coil PricingIND-COIL-SEP
Up, leading producer

Amount and producer name are not public on BigMint.

Source: BigMint, 1 Sep 2026
Domestic 304/316 HR & CR BenchmarksDATA GAP
Gated on BigMint

BigMint lists 304/316 HR and CR benchmarks, but the current numeric fields are gated.

Source: BigMint
Desk Outlook

Market Read: Outlook & Risk Balance

Market BiasSideways to mildly lower
Horizon2 to 4 weeks
PaceGradual low-single-digit drift, not a sharp collapse
Analytical Reasoning

China stainless, nickel and NPI are all softer and LME nickel stocks are higher on the week. India is resisting that relief because scrap and finished stainless remain tight.

Key Factors to Watch
  • China: real restocking versus warrant-led draw
  • Indonesia: NPI, ore availability and IMIP water conditions
  • India: scrap tightness
  • DGTR: post-hearing filing or finding
Step-Change Risk

A DGTR provisional or final measure, or a confirmed IMIP nickel-output cut.

Statutory & Trade Defense

Policy Watch

DGTR 06/28/2025-DGTR

Case open, no preliminary or final finding posted

Oral hearing 11 Sep 2026, 3:30 PM IST. CR 300/400 series including circles is in scope; hot-rolled is excluded.

Source: DGTR, case page updated 2 Sep 2026

BIS IS 6911

IS 6911:2026 operative

Effective 18 Aug 2026; IS 6911:2017 withdrawn.

Source: BIS implementation guideline, 23 Apr 2026

Indonesia DHE-SDA

30% retention, minimum 3 months

Effective 1 Sep 2026. Previously 100%. SMM reports 64 mining exporters currently qualify.

Source: SMM, 1 and 3 Sep 2026

Source Attribution: SMM (4 Sep 2026, 1 and 3 Sep 2026), LME (4 Sep 2026), BigMint (1, 2, 4 Sep 2026), DGTR (case page updated 2 Sep 2026), BIS implementation guideline (23 Apr 2026).

Published by Metal Dock B2B Trade Intelligence Desk  ·  Wazirpur Industrial Area, Delhi

Same-Day Response During Business Hours

Discuss Today's Pricing with Our B2B Desk

Need customized slit coils, deep drawing circles, or tri-ply blanks based on today's indicative benchmarks? Connect directly with our Wazirpur sales team.