Price of 304 Cold rolled stainless Steel in Wuxi area on April 1, 2020

On April 20, the Shanghai Futures Exchange (SHFE) issued an announcement approving the registration of "PTENICO" brand (Eternal) refined nickel (electrodeposition process, Ni99.96) produced by PT ETERNAL NICKEL INDUSTRY, with a registered capacity of 50,000 mt. The product has been eligible for physical delivery against SHFE nickel futures contracts since the date of the announcement. The product originates from North Maluku Province, Indonesia.

According to CREA report, stainless steel remains the dominant end-use for Indonesia's nickel despite ongoing "green nickel" marketing efforts. In 2025, 83% of nickel output will go to stainless steel versus 17% for EV batteries; by 2030, stainless steel is still projected to account for 51% of supply against 18% for batteries. Demand from the battery sector faces uncertainty as more EVs shift to nickel-free technologies. Indonesia, which produces over half of global refined nickel, faces mounting pressure from stricter environmental regulations and carbon taxes over its coal-powered production, along with broader supply chain risks. Separately, BMI (a Fitch Solutions company) raised its 2026 nickel price forecast to US$16,600/ton, citing policy uncertainty and rising supply risks.