Indonesian Nickel Policies Boost Prices, Steel Mills Show Positive Sentiment Before Holiday

Published: May 6, 2026 17:19

Save

[SMM Nickel Flash] On the upstream side, news about Indonesian nickel ore costs and windfall tax policies supported the willingness to hold prices firm, smelters generally held back from selling with a bullish outlook, and high-grade NPI quotes rose in tandem. On the downstream side, steel mills showed relatively positive purchasing sentiment before the holiday. Although most steel mills maintained a wait-and-see attitude after the holiday, the market overall still held up well.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

SMM Nickel Flash: High-Grade NPI Sentiment Index Down to 3.05, Upstream Improves, Downstream Declines

[SMM Nickel Flash] On May 6, the SMM high-grade NPI market sentiment index was 3.05, down 0.04 MoM. The high-grade NPI upstream sentiment index was 3.6, up 0.02 MoM. The high-grade NPI downstream sentiment index was 2.5, down 0.1 MoM.

Common.Time.minsAgo

Common.Time.hoursAgo

[SMM Stainless Steel Flash] Indonesia Stainless Export Prices Hike $30/mt

On May 6, 2026, following a brief morning suspension, one of the Indonesia's stainless steel mill raised export quotations across all series by $30/mt. According to SMM analysis, the hike is driven by the convergence of positive holiday-period policies and the introduction of "windfall tax" expectations, which have funneled cost premiums directly to downstream products. Indonesian 304 CRC FOB offers are now positioned at approximately $2,227/mt. Bullish sentiment is expected to ripple across Asia as the solidified cost floor pressures other regional producers to follow suit.

Common.Time.hoursAgo

Data: SHFE, DCE market movement (May 06)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 May , 2026

Common.Time.hoursAgo