Nickel and NPI soften as India scrap turns lower
LME nickel and high-grade NPI moved lower on 18 September while China stainless futures posted their first weekly gain in six weeks. Indian stainless scrap prices fell week-on-week as buyers shifted to alternatives, while chrome inputs were comparatively steady.
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China & Global Inputs
LME official 3-month closing price for the completed 18 Sep 2026 session.
18 Sep 2026 close; first weekly gain in six weeks.
18 Sep 2026 ex-factory assessment, tax included.
18 Sep 2026 average FOB index assessment.
18 Sep 2026 assessment.
18 Sep 2026 assessment.
India Domestic
Market Read: Outlook & Risk Balance
LME nickel fell 1.0% day-on-day and high-grade NPI declined week-on-week, while the China ferrochrome tender index eased only marginally and South African high-carbon ferrochrome was unchanged. Indian stainless scrap also fell week-on-week.
- LME 3-month nickel
- China and Indonesia NPI
- China ferrochrome tender index
- India stainless scrap direction
Additional Indonesian ore approvals could accelerate nickel-side easing, while a disruption to Indonesian ore flows or South African chrome logistics could reverse the move.
Policy Watch
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Source Attribution: Westmetall 18 Sep 2026 - https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash | SMM stainless 18 Sep 2026 - https://news.metal.com/newscontent/104123103-smm-analysis-chinas-stainless-futures-find-a-floor-as-collapsing-nickel-costs-hand-mills-their-margins-back | SMM NPI 18 Sep 2026 - https://news.metal.com/newscontent/104123355-smm-analysis-inventory-accumulation-and-weak-demand-push-high-grade-npi-lower-in-search-of-a-bottom | SMM ferrochrome tender 18 Sep 2026 - https://www-old.metal.com/chromium/202503270001 | SMM South Africa ferrochrome 18 Sep 2026 - https://www-old.metal.com/Chromium/202412310001 | BigMint stainless 18 Sep 2026 - https://www.bigmint.co/insights/ferrous/stainless-steel
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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Previous Daily Briefs
Nickel rebounds, but 300-series inputs stay soft
LME nickel rebounded on 17 September, but Indonesian NPI and nickel ore softened while chrome inputs barely moved. India stainless prices stayed firm as tight scrap offset cautious demand.
India stays firm while China stainless weakens
China stainless futures and NPI softened while an Indian mill’s 316L revision kept domestic pricing firm, widening the domestic-global divergence.
Nickel weakens while Indian coil prices rise
Nickel softened while NPI fell sharply, chrome eased only marginally, Indian mills raised selected stainless coil prices, and DGTR's revised oral hearing falls today.