[SMM Nickel Market Flash] Indonesia to Launch Strategic Minerals and Commodities Exchange on Jan 1, 2027

Chinese Taiwan's Customs Administration under the Ministry of Finance has formally launched an anti-dumping investigation into certain cold-rolled flat-rolled stainless steel products imported from Vietnam, following a petition filed by Yusco and Tang Eng Iron Works. The investigative period covers July 1, 2025, to June 30, 2026. The Ministry of Economic Affairs will assess potential industrial damage within 40 days of receiving the notification, while the Ministry of Finance reviews dumping margins. Products under investigation are cold-rolled stainless steel flat products in coils or sheets with thickness of 0.05–6.10mm, nickel content of 5–20%, chromium content of 15–25%, manganese content up to 3%, and aluminum content up to 0.5%, excluding coated or plated products. Officials noted that surging import volumes priced below domestic production costs have caused severe market share losses and financial strain for local producers.

[8.17 Morning Meeting Minutes] The overall increase in the US Producer Price Index (PPI) in July remained mild, indicating a further easing of inflationary pressures, and expectations for a US Fed interest rate hike in September cooled further. The most-traded SHFE nickel 2609 contract plunged sharply in early trading, closing the morning session at 127,300 yuan/mt, down 1.12%. The Indonesia Nickel Miners Association (APNI) recommended keeping the 2026 nickel ore RKAB at 270 million wmt and additionally setting a 30 million wmt strategic buffer, bringing the potential total quota to 300 million wmt. With expectations for looser RKAB quotas, nickel prices are expected to remain in the doldrums in the short term, and the trading range for the most-traded SHFE nickel contract is 125,000-130,000 yuan/mt.

[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.