[SMM Stainless Steel Flash] Indonesian Nickel Ore Quota Increase Pending Approval While Market Remains Cautious

Published: Jul 14, 2026 09:35

Save

The global nickel and stainless steel markets remain focused on Indonesia's July RKAB quota revision window, with several Indonesian mining companies having submitted applications for increased allocations. The outcome remains uncertain: approval would help ease nickel ore supply constraints, while a slower-than-expected review process could disrupt ferronickel and stainless steel supply chains. High inventory levels continue to suppress market performance, with spot transactions staying sluggish and end-user demand remaining weak. With the quota review outcome still unclear, elevated inventories, and soft demand converging, the nickel and stainless steel markets are likely to maintain a cautious wait-and-see tone in the near term, with the trajectory hinging on Indonesia's quota policy direction and shifts in supply-demand fundamentals.

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 for 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

Aug 14, 2026 17:59

[SMM Nickel Flash] High-Grade NPI Prices Drop in China, Rise in Indonesia as Steel Mills Slow Procurement

[SMM Nickel Flash] Currently, mainstream steel mills have largely completed their peak-season stockpiling, and their overall procurement pace has slowed. Only a small number of enterprises have restocking demand. Downstream purchasing sentiment is generally cautious, and there is a notable price spread between steel mills’ acceptable prices and suppliers’ quotes. Acceptance of high-priced cargoes of high-grade NPI remains limited. As futures decline, steel mills’ procurement interest is weakening further.

Aug 14, 2026 17:59

Aug 14, 2026 17:58

SMM Nickel Flash: High-Grade NPI Prices Drop in China, Rise in Indonesia Amid Limited Trading Volume

[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell by 2.8 yuan/nickel unit WoW to 1,133 yuan/nickel unit (ex-factory, tax included), and the average Indonesia NPI FOB index price increased by $0.13/nickel unit WoW to $146.52/nickel unit. This week, the high-grade NPI spot market remained in a deadlock overall, with overall transaction volume remaining limited throughout.

Aug 14, 2026 17:58

Aug 14, 2026 17:47

[SMM Analysis] Supply Recovery Expectations Rise, Market Sentiment Weakens, and Prices Come Under Pressure

The SMM average price for 10-12% high-grade NPI fell by 2.8 yuan/nickel unit WoW to 1,133 yuan/nickel unit (ex-factory, tax included); the average Indonesian NPI FOB index price rose by $0.13/nickel unit WoW to $146.52/nickel unit. This week, the high-grade NPI spot market remained in a deadlock overall, with transaction volumes remaining limited throughout.

Aug 14, 2026 17:47