SMM #1 Refined Nickel Monthly Average Price in October Grows by 3,100 yuan

JSL has successfully commissioned a new 1.2 million tonnes per annum (MTPA) stainless steel melt shop (SMS) in Indonesia ahead of schedule through a joint venture. This milestone brings the company's total annual melting capacity to 4.2 MTPA, reinforcing its raw material security and integrated growth strategy. Concurrently, JSL announced a fresh investment of approximately $108 million (₹900 crore) to augment its cold rolling capacities at its Hisar and Kharagpur facilities in India, expected to be operational by Q2 FY28. These combined upstream and downstream expansions are tailored to produce high-value, thinner cold-rolled products, strategically positioning the company to target a global sales volume of 3.5 MTPA by FY29 with a projected double-digit compound annual growth rate.

According to market reports, European stainless steel alloy surcharges have seen a significant increase for April 2026. Surcharges for Grade 1.4301 (304) rose by approximately 3.6%, notably diverging from LME nickel prices, which actually declined by nearly 1% month-on-month. The primary catalyst behind this surge is the escalating price of ferrochrome, fueled by higher procurement costs, elevated energy prices, and the compounding financial impact of the CO2 tax under the CBAM, fully effective since January 1, 2026. This cost-push is most evident in chrome-heavy grades, with the surcharge for Grade 1.4016 (430) jumping by more than 5.4% compared to the previous month.

Lifezone Metals (NYSE: LZM), the company's flagship Kabanga Nickel Project in Tanzania has officially advanced to execution readiness, backed by robust project economics and the successful consolidation of 100% ownership of Kabanga Nickel Limited. The company reported a year-end cash balance of $20.1 million and is further supported by a $60 million bridge loan facility from Taurus Mining Finance, which provides crucial funding for critical early-stage infrastructure and pre-Final Investment Decision (FID) development activities. Moving forward, Lifezone aims to drive long-term growth by securing additional strategic investment partnerships and advancing new battery metals recycling initiatives, positioning the Kabanga project as a premier global source of high-grade nickel sulfide.