SMM High-Grade NPI Market Sentiment Declines Slightly in March

According to SMM, a leading stainless steel producer in Indonesia has officially raised its list prices by $30 per metric ton. This upward adjustment primarily reflects the ongoing cost pressures across the raw material sector, particularly the recent strength in nickel and ferrochrome prices, coupled with tightening spot availability. This decisive price hike from a major global producer is expected to provide robust cost support for the broader Asian stainless steel market and will likely prompt downstream buyers to swiftly re-evaluate their near-term procurement and inventory strategies.

Chongqing’s Fuling District has successfully secured a major investment from Qingtuo Group (a subsidiary of Tsingshan Industry) for a 700,000 ton/year stainless steel cold rolling project. With a total investment of 2 billion yuan and a footprint of approximately 400 acres, the facility is projected to generate an annual output value of 10 billion yuan once fully operational.

Energy and Mineral Resources (ESDM) Minister Bahlil Lahadalia announced plans to increase the nickel benchmark price (HPM) following a strategic meeting with President Prabowo Subianto. The adjustment aims to bolster state revenue and ensure a fairer return from national mineral assets. Bahlil emphasized that the move aligns with presidential instructions to prioritize national interests and maintain sustainable production levels. Additionally, the ministry is targeting accelerated downstreaming and energy self-sufficiency through optimized domestic potentials like ethanol and CPO-based biodiesel.