SMM #1 Refined Nickel Price Drops to 132,150 Yuan/mt, Spot Premiums Mixed

National Bureau of Statistics (NBS): Profits of industrial enterprises above designated size nationwide rose 18.7% in January-June 2026.

India's Competition Commission dismissed a complaint against Jindal Stainless in an order dated July 21, 2026, alleging the producer had locked in exclusive arrangements with Indonesian suppliers for nickel-bearing stainless slab and hot-rolled coil, shutting rival Indian firms out of a key input. The complainant, an unnamed downstream stainless manufacturer, also challenged the Jindal Saathi dealership scheme. The CCI found no evidence that rivals suffered output cuts, market exit or other competitive harm, and said Jindal is not dominant upstream given multiple domestic and BIS-certified overseas suppliers. It accepted the company is dominant in downstream cold-rolled stainless but found no abuse. India has no domestic nickel reserves, a dependence deepened by Indonesia's 2020 ore export ban.

Spain's Acerinox said on its Q2 2026 earnings call that while the US stainless market remains solid, softer nickel prices are expected to drag on transaction prices through the alloy surcharge mechanism. Executives contrasted the two regions: the US surcharge system buffers raw material swings with a lag, whereas European prices adjust more directly to raw material costs in a highly competitive market. Newly implemented EU trade measures should stabilise the European market by curbing imports and lifting local output, but the company said meaningful price increases still depend on broader conditions. The comments underline that mill realisations in the two regions respond to the same nickel move on different timelines.