Wait-and-See Attitude Prevails High-grade NPI Market 

On April 17, the SMM average price of battery-grade nickel sulphate rose significantly.

EU reached a trilogue agreement on new steel safeguards, featuring an 18.3 million tonne quota, a 50% out-of-quota tariff, and "melt-and-pour" rules. However, critics highlight a loophole for slabs and potential WTO compliance issues. Simultaneously, Indonesia's complete overhaul of its nickel pricing architecture is expected to hike downstream production costs for stainless steel and EVs by over 12%. Following these shifts, base metals surged on both LME and SHFE, with nickel leading gains by nearly 4%. Market volatility remains high as the industry adapts to these structural cost increases and trade barriers.

On April 16, 2026, the stainless steel market saw major shifts. The EU's move to cut quotas by 47% and double tariffs to 50% in July triggered panic buying in Europe. India extended BIS certification until late September to ensure supply flexibility. Supported by Indonesia’s HPM formula adjustments, export prices remain firm, with slight gains in Foshan 304 spot prices. Rising logistics costs due to Middle East tensions and new trade barriers are collectively pushing up global trade expenses.