Nickel higher as stainless margins recover
LME 3-month nickel advanced to 16,600 USD/mt following two sessions of Chinese futures support, while falling NPI input costs restored steel mill margins.
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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.
Market Read: Outlook & Risk Balance
LME nickel found modest support near recent lows while high-grade NPI prices continued to correct downward, widening the spread between raw input costs and finished stainless steel and restoring producer margins.
- Execution pace of announced mill production cuts in China
- Transmission of US monetary policy expectations to base metals
Energy cost escalation driven by Middle East infrastructure disruptions threatening European and global smelting overheads.
Policy Watch
Anti-Dumping Investigation on CR Stainless Steel
Active proceedingInvestigation covering CR stainless 300 and 400 series from China, Indonesia, and Vietnam with settled scope criteria.
Utensils & Houseware Manufacturing Impact
Smart home consumption action plans announced by MOFCOM offer medium-term support for stainless end-uses, though spot transaction demand remains subdued.
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Source Attribution: Westmetall LME nickel table, 23 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
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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Previous Daily Briefs
LME nickel rises as NPI costs ease
LME nickel 3-month prices advanced while high-grade NPI spot prices continued their downward adjustment, easing margin pressure for stainless steel mills.
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.
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.