Nickel bounces while NPI and India stay cautious
LME 3M nickel rose for the 8 September session, while high-grade NPI and Indonesia FOB remained lower. India stayed firmer through bright-bar and scrap direction, while the DGTR oral hearing is scheduled for 11 September 2026 at 3:30 PM IST.
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
7 September SMM stainless close.
8 September session.
7 September SMM daily assessment.
7 September SMM FOB index.
India Domestic
Numeric benchmark values are subscriber-gated.
H1CY26 Indian stainless production.
Market Read: Outlook & Risk Balance
High-grade NPI and Indonesia FOB remain lower, port material has rebuilt, and SMM says mills are pausing procurement. LME 3M nickel moved up for the 8 September session, while BigMint's Indian stainless directions remain firmer.
- SHFE stainless daily close
- China 300-series social inventory
- LME 3M nickel
- China 8-12% high-grade NPI
- Indonesia NPI FOB
- DGTR oral hearing on 11 September 2026
A new applicable duty outcome in the DGTR cold-rolled 300/400-series case or a material Indonesian supply disruption could override the gradual path.
Policy Watch
DGTR oral hearing for cold-rolled stainless 300/400-series case
Scheduled for Friday, 11 September 2026 at 3:30 PM ISTThe hearing covers China PR, Indonesia and Vietnam. The individual case page lists Oral Hearing as its latest timeline entry and shows no preliminary or final determination.
Source Attribution: SMM stainless daily review, 7 Sep 2026 - https://news.metal.com/es/newscontent/104101310-smm-stainless-steel-daily-review-stainless-steel-futures-drive-spot-price-recovery-september-peak-season-demand-weak-insufficient-upward-momentum | SMM stainless daily review, 4 Sep 2026 - https://news.metal.com/id/newscontent/104098710-smm-tinjauan-harian-baja-antikarat-rebound-ss-futures-terbatas-penurunan-spot-baja-antikarat-mereda-tetapi-transaksi-tetap-biasa-saja | SMM stainless daily review, 31 Aug 2026 - https://news.metal.com/newscontent/104088818-smm-stainless-steel-daily-review-futures-extended-the-weak-trend-and-broke-below-support-spot-stainless-steel-prices-held-steady-with-sluggish-trading | SMM LME page, 8 Sep session - https://www-old.metal.com/Nickel/LME_NI_3M | SMM NPI analysis, 7 Sep 2026 - https://news.metal.com/newscontent/104101557-smm-analysis-golden-september-nickel-pig-iron-prices-slide-as-chinas-mills-delay-restocking | SMM Nickel Flash, 8 Sep 2026 - https://news.metal.com/newscontent/104103735-steel-mills-pause-procurement-amid-sluggish-market-high-grade-npi-smelters-resist-low-prices | SMM stainless flash, 9 Sep 2026 - https://news.metal.com/newscontent/104104217-smm-stainless-steel-flash-eu-stainless-slab-imports-bypass-tariffs-arcelormittal-ends-duisburg-steelmaking | BigMint stainless insights - https://www.bigmint.co/insights/ferrous/stainless-steel | BigMint stainless public price table - https://www.bigmint.co/public/stainlesssteel | BigMint global stainless production report, 8 Sep 2026 - https://www.bigmint.co/insights/detail/global-stainless-steel-production-rises-5-y-o-y-in-h1cy26-asia-drives-growth-787484 | DGTR home - https://dgtr.gov.in/en | DGTR case page - https://www.dgtr.gov.in/en/anti-dumping-cases/anti-dumping-investigation-concerning-imports-cold-rolled-flat-products
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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Previous Daily Briefs
Futures rebound, but stainless restocking stays weak
Monday stainless futures recovered, but Chinese mill restocking remained cautious while NPI and LME nickel softened. India stayed firmer, and the DGTR oral hearing on 11 September is the immediate policy event.
EU demand slips while Indian stainless holds firm
European stainless demand indicators weakened while BigMint's public India signals stayed firm. Global nickel-chain relief therefore points to gradual 304 cost easing, but domestic pass-through may remain uneven.
Global softness. India stays firm.
China inputs are easing while Indian replacement cost remains sticky.