Nickel and NPI ease as trade probe extends
LME nickel and high-grade NPI ease while mill margins recover; India extends its anti-dumping probe on cold-rolled flat products to March 2027.
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China & Global Inputs
Front-month benchmark recorded its first weekly gain after five weeks of declines.
Market Read: Outlook & Risk Balance
Falling high-grade NPI and LME nickel prices continue to pressure the cost structure, while mill production cuts provide an interim floor.
- NPI price stabilization in Indonesia and China
- Durability of low-price spot destocking into October
India's extended anti-dumping investigation deadline through March 2027 introduces ongoing compliance caution for imported cold-rolled flat products.
Policy Watch
Anti-Dumping Investigation on Stainless Steel Cold-Rolled Flat Products
ExtendedDGTR and the central government extended the anti-dumping investigation on stainless steel cold-rolled flat products from China, Indonesia, and Vietnam by six months, from September 28, 2026 to March 28, 2027.
The cards
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Source Attribution: Westmetall LME nickel table (25 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 stainless steel flash (25 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
Published by Metal Dock B2B Trade Intelligence Desk · Wazirpur Industrial Area, Delhi
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Previous Daily Briefs
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.
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.