SMM Flash News: Indonesian High-Grade Nickel Pig Iron Prices Decline in April

Guangdong Jinming Technology Co., Ltd. received official approval for its 2,800-ton/year stainless steel material products project. Spanning approximately 19,940 square meters, the facility will include new production workshops, an R&D center, and advanced manufacturing equipment. Once fully operational, the project is expected to reach an annual output value of 56 million yuan. This expansion strengthens the local supply chain for high-end downstream stainless steel applications in Guangdong.

The Indonesian Ministry of Energy and Mineral Resources (ESDM) stated to the media on Monday, April 6, 2026, that it has approved approximately 190 to 200 million tons of nickel production quotas within the 2026 Work Plan and Budget (RKAB). Director General of Minerals and Coal, Tri Winarno, noted that while the current cumulative target sits between 260 and 270 million tons, Minister Bahlil Lahadalia is considering measured relaxation for production revisions. This potential flexibility for nickel and coal miners remains contingent on price stability and the careful management of global supply and demand to ensure favorable market levels.

[SMM Nickel Flash News] Based on the cash cost of high-grade NPI calculated using nickel ore prices from 25 days earlier, profits at high-grade NPI smelters came under pressure during the week, with the sector as a whole remaining in a state of losses or marginal profitability. It is expected that next week, prices of auxiliary materials on the raw material side may remain flat, while the decline in nickel ore prices will likely be limited. High-grade NPI prices will still be under pressure amid back-and-forth negotiations between upstream and downstream, and smelter profits will be unlikely to see any significant improvement.