Nickel inputs soften; India scrap follows lower
Nickel and NPI inputs ended the week lower while China stainless futures steadied and 300-series social inventory declined. Indian stainless scrap prices also fell week-on-week as buyers shifted toward alternatives.
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China & Global Inputs
The 18 September close was 1.0% below 17 September and 1.4% below 11 September.
The contract posted its first weekly gain in six weeks, but the increase was only RMB 5/mt.
Rising inventory, weak stainless demand and adequate mill stocks kept bids under pressure.
Lower Chinese mill bids transmitted pressure to Indonesian material.
India Domestic
Market Read: Outlook & Risk Balance
Nickel and NPI moved lower and Indian stainless scrap followed, while the small SHFE gain and China inventory draw were linked to production restraint and restocking rather than a broad demand recovery.
- Chinese mill NPI bids and high-grade NPI inventory
- Indian stainless scrap availability and substitution
- Whether the China 300-series inventory draw persists
A disruption to Indonesian ore supply could reverse nickel-side easing; 400-series direction remains less clear without a fresh public chrome benchmark.
Policy Watch
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Source Attribution: Westmetall LME nickel table, 18 Sep 2026 - https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash; SMM stainless weekly analysis, 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 analysis, 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; BigMint stainless steel insights, 18 Sep 2026 - https://www.bigmint.co/insights/scrap-recycling/stainless-steel
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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Previous Daily Briefs
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.
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.