[SMM Stainless Steel Flash] JPMorgan Upgrades Aperam and Outokumpu, Bullish on European Stainless Recovery

Indonesian nickel ore CIF average prices increased across all three grades, with the strongest gain recorded for 1.6% Ni ore. • 1.4% Ni: CIF average price stayed the same $53.3/wmt. • 1.5% Ni: CIF average price stayed the same $60.8/wmt, • 1.6% Ni: CIF average price stayed the same $65.8/wmt, • Premium: Market players verified that the premium remained stable compared with the first half of August, with no significant change in the prevailing premium level. =================================================================== Indonesia Latest Policy Update — August 19, 2026 Indonesia’s planned Mineral and Strategic Commodities Exchange remains the main recent policy development relevant to nickel. The government said the exchange is expected to cover nickel, coal and palm oil, with operations targeted for January 1, 2027, aiming to establish domestic reference prices for strategic commodities. • Nickel impact: The exchange could strengthen Indonesia’s influence over nickel price formation and domestic benchmarks, potentially giving Indonesian prices a greater role in the international market. • Latest development: State Secretary Minister Prasetyo Hadi said on August 17 that preparations are underway for the exchange, tentatively referred to as Icomex. Morowali, Central Sulawesi: August is generally a relatively favorable period, and the current forecast indicates minimal rainfall, so mining, hauling and port operations should remain largely normal. • Halmahera: Higher seasonal rainfall risk than Morowali. Halmahera has a humid climate even in August, with rainfall occurring on many days. However, the current weekly forecast indicates limited rainfall, so no major disruption is expected this week. • Therefore, for Indonesia, Halmahera is the region to watch for rain, rather than Morowali.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 Aug , 2026

On August 19, the SMM battery-grade nickel sulphate average price dipped slightly.