Nickel costs slide as stainless finds floor
SHFE stainless futures steadied near a V-shaped floor as sharp declines in high-grade NPI and LME nickel restored mill margins despite sluggish peak-season end-user demand.
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China & Global Inputs
Front-month benchmark recorded its first weekly gain in six weeks.
Spot prices drifted lower amid ample port inventories and cautious mill bids.
Transmitted lower Chinese buying pressure to Indonesian material.
India Domestic
BigMint commentary points to softening scrap pricing and substitution.
Market Read: Outlook & Risk Balance
Collapsing high-grade NPI and nickel input costs continue to weigh on absolute price levels, outweighing the supportive effect of recent mill production cuts and social inventory destocking.
- Indonesian RKAB mining quota approvals and limonite pricing response
- Execution and durability of mill production cuts in China
Geopolitical supply risks affecting Middle Eastern energy and refining infrastructure, alongside sudden policy revisions in Indonesian ore HPM formulas.
Policy Watch
Indonesian Nickel Ore HPM Formula Revision
ActiveRevised nickel ore HPM formula effective September 15, 2026, lowered 1.2% Ni limonite HPM to $24.89/wmt, trading well below current market prices.
The cards
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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 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.
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.