[SMM Stainless Steel Flash] New Indonesian Nickel Pricing Formula to Surge Costs for Stainless Steel Sectors

On April 16, 2026, the stainless steel market saw major shifts. The EU's move to cut quotas by 47% and double tariffs to 50% in July triggered panic buying in Europe. India extended BIS certification until late September to ensure supply flexibility. Supported by Indonesia’s HPM formula adjustments, export prices remain firm, with slight gains in Foshan 304 spot prices. Rising logistics costs due to Middle East tensions and new trade barriers are collectively pushing up global trade expenses.

【SMM Nickel Flash News】Given the significant variance in byproduct quality across nickel ore deposits, establishing a unified HPM for each grade remains a challenge. Consequently, SMM has developed multiple scenarios for both saprolite and limonite to serve as a benchmark for the new HPM formula and to provide a comparative analysis against SMM’s proprietary pricing

While Asian 304 2B cold-rolled coil prices remained stable last week, Chinese Taiwan’s export offers continued to climb. This surge is driven by increased production costs and firm pricing strategies from mills, further fueled by geopolitical instability in the Middle East. Chinese export offers stayed flat due to sluggish domestic demand; however, a stronger Chinese Yuan and rising local prices suggest potential hikes ahead. In raw materials, LME nickel prices rebounded by US$142, while Indonesian NPI prices faced further declines. Market participants expect continued volatility for Asian CRC as weak demand balances against rising input expenses.