SMM Nickel Flash: NPI Market Sentiment Weakens, Futures Decline Continues

Tang Eng Iron Works distributed approximately 159,000 tons of stainless steel products in 2025, down 13.1% YoY and falling short of its 216,000-ton budget target. Cold-rolled and hot-rolled output declined 14.9% YoY to around 159,000 tons, despite raw steel production rising 6.3% to 31,285 tons. The company attributed the declines to US tariffs, exchange rate fluctuations, geopolitical tensions, and oversupply from cheap Chinese steel exports. To improve performance, Tang Eng plans to stabilize core business profits, leverage land assets for non-operating income, and introduce sustainability programs tied to its core operations.

Mexico's Ministry of Economy issued the final ruling of its second anti-dumping sunset review on June 8, 2026, extending duties on stainless steel sinks imported from China with a unit weight of 8 kg or less (tariff code 7324.10.01) for a further five years, effective from May 9, 2025. Taizhou Luqiao Jixiang Kitchenware Co., Ltd. faces a specific duty of US$4.14/net kg, while all other Chinese producers and exporters are subject to US$5.40/net kg.

Chinese Taiwan's Tang Eng Iron Works returned to profitability in Q1, rebounding from last year's financial difficulties. At the annual shareholders' meeting, Chairman Chao Chien-Tsai attributed the turnaround primarily to a gradual recovery in the global stainless steel market, where higher raw material costs lifted product prices, improving margins, product mix, and inventory valuations. A non-operating boost from rapid transit land expropriation provided additional support, though the revival of core operations drove the main improvement.