Nickel bounces as input costs find floor
LME nickel and SHFE stainless edge higher as supply cuts and cost compression restore mill margins, though peak-season restocking remains subdued.
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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
Landed costs for 300-series stainless face continued downward drift as NPI inputs seek a floor, though recent mill production cuts have successfully restored minor margins.
- Durability of mill production cuts
- Macroeconomic base metal valuations and US rate policy
Potential supply chain shocks from Middle Eastern energy disruptions and international trade remedy determinations.
Policy Watch
US Preliminary CVD Ruling on Stainless Pipes
DelayedThe US delayed its preliminary countervailing duty ruling on stainless steel pipes imported from India and Turkey.
Utensils & Houseware Manufacturing Impact
Utensil and cookware manufacturers maintain balanced procurement as primary stainless coil costs stabilise, awaiting clearer end-user demand signals ahead of the upcoming quarter.
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Source Attribution: Westmetall LME nickel table (21 Sep 2026); SMM China stainless weekly analysis (18 Sep 2026); SMM NPI market analysis (18 Sep 2026); BigMint stainless insights (18 Sep 2026); SMM news flash (22 Sep 2026).
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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Previous Daily Briefs
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.
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.