SMM #1 Refined Nickel Price Drops to 129,600 Yuan/mt on August 21

Taiwan (POC) imported approximately 27,000 tonnes of 300-series stainless steel hot-rolled products in July, falling 50.2% MoM to a one-year low. Despite the sharp decline in import volumes, import prices rose for a sixth consecutive month, reaching a three-year and three-month high and significantly increasing procurement expenses for local businesses. Local buyers attributed the sustained price increase to Indonesia's nickel production restrictions, which have strengthened mineral values and prompted Indonesia to repeatedly raise its export quotations.

US Treasury Secretary Bessent said he was prepared to further expand the scale of buybacks of debt with higher financing costs, while the Trump administration would introduce a new fiscal measure to address borrowing costs that have hit multi-year highs.

At the 12th BRICS Environment Ministers' Meeting held under India's 2026 chairship in New Delhi, BRICS nations unanimously adopted a joint ministerial statement opposing the EU's CBAM, and inconsistent with international law, expressing concern over its impact on developing countries' climate efforts. CBAM entered its definitive phase on January 1, 2026, covering steel, aluminum, cement, fertilizers, hydrogen, and electricity. For India specifically, government data shows iron and steel exports to the EU declined 13% in the four months through April following CBAM's rollout, with an ICRIER study estimating a potential 24% long-term decline. The BRICS grouping — comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, UAE, and Saudi Arabia — collectively accounts for approximately 40% of global GDP.