Snapshot: Nickel spot market in Shanghai

The European Commission has proposed excluding India from the list of countries eligible to receive EU metal waste under the new Waste Shipment Regulation (WSR), citing concerns over persistent and toxic heavy metals. The Material Recycling Association of India (MRAI) has asked the government to intervene, calling the move resource protectionism. It has also urged New Delhi to seek zero-duty scrap imports under the proposed India-EU free trade agreement. India's commerce ministry said it remains engaged with Brussels on the issue. MRAI plans to consult stakeholders and file a formal submission on 15th October. One proposal is a separate HS code for processed secondary raw materials meeting end-of-waste criteria, distinguishing them from ordinary waste and keeping high-grade scrap flowing to India. The WSR takes effect in May 2027, with the first list of approved destination countries expected by year-end; the draft is not yet final. The EU supplies roughly a tenth of India's ferrous and stainless scrap imports, so the aggregate impact is limited, though Indian mills reliant on European material may need to source elsewhere. For Europe, keeping scrap within the bloc helps domestic mills secure feedstock. The key point to watch is whether India remains excluded when the first list is published at year-end.

UAE-based Green Metals Industries (GMI) plans an integrated steel and pipe complex at Khalifa Economic Zones Abu Dhabi (KEZAD). The project will combine melting, casting, rolling and pipe and tube production, with million-tonne-scale steelmaking capacity. The product range covers carbon, stainless and alloy steels and targets specialty grades the UAE currently imports. Shareholders have committed to a second phase, long-lead equipment is already contracted, and phased commissioning is expected from 2028. The plant will run induction and electric arc furnaces with secondary refining, using a flexible charge of scrap, DRI and HBI, with domestic metallics prioritised. GMI expects the UAE to start importing scrap from early 2027 as local demand absorbs available supply. The stainless share of output has not been disclosed, and with start-up not due until 2028, the impact on regional stainless supply is a medium-term question. The nearer-term point to watch is how scrap flows across the Middle East and South Asia shift as the UAE becomes a scrap importer.

The European Commission has initiated an expiry review of anti-subsidy measures on cold-rolled stainless steel sheets and coils from India and Indonesia. The review will assess whether letting the measures lapse would likely lead to continued or renewed subsidisation and injury to EU producers. It covers the period from 1st July 2025 to 30th June 2026 and is due to conclude within 12 months. The Commission recently opened a parallel expiry review of anti-dumping duties on the same products, and has also launched separate interim reviews of both the anti-dumping and anti-subsidy measures on Indian material. Current duties remain in force while the reviews run. Together with the EU's new steel import quota regime, this means trade barriers facing Indonesian and Indian cold-rolled exports to Europe are unlikely to ease in the near term. Indian rates may still change as a result of the interim reviews.