Spot price of nickel chloride on 21 April 2020

[SMM Nickel Flash] August 26, SMM high-grade NPI market sentiment factor stood at 1.85, flat MoM, high-grade NPI upstream sentiment factor stood at 2.02, flat MoM, and high-grade NPI downstream sentiment factor stood at 1.68, flat MoM. Spot high-grade NPI remained in the doldrums, with the transaction center continuing to move lower, and the price spread between buyers and sellers remained significant.

According to Vietnam's Trade Remedies Department, Vietnamese cold-rolled stainless steel exports to the EU are recovering. After reaching US$231.5 million in 2023 (13% EU market share, 4th largest supplier), exports plunged 72% to US$64.1 million in 2024 before rebounding 124.7% to US$144.1 million in 2025 (6.7% share, 6th place). In Q1 2026, exports grew a further 16.4% YoY to US$32.6 million, accounting for 10.1% of the EU's total cold-rolled stainless steel imports — which fell 39.2% overall — placing Vietnam 5th behind South Korea, Taiwan (POC), Japan, and the US. The Trade Remedies Department warned that the rising export share increases the risk of an EU trade defense investigation, urging businesses to monitor EU import trends, maintain transparent cost and origin documentation, diversify raw material sources to mitigate circumvention risks, and adapt to green transition requirements including CBAM compliance.

India's stainless steel scrap market remained firm in the week ended August 21, with prices rising on tight availability, elevated alloy costs, and volatile nickel prices. Domestic 304 scrap rose INR 2,000/t WoW to INR 145,000/t DAP Delhi, while imported 304 scrap gained $5/t to $1,525/t CFR Mundra. The 316 segment saw stronger support from tight availability and elevated molybdenum costs: domestic 316 scrap jumped INR 7,000/t WoW to INR 285,000/t DAP Delhi, and imported 316 scrap rose $15/t to $2,935/t CFR India, though a gap persists between seller offers of $2,950–2,980/t and executable bookings at $2,920–2,930/t. High freight costs and container shortages continued to limit import competitiveness, keeping mills reliant on domestic supply. LME nickel hovered around $17,000/t with the latest settlement at $16,860/t, keeping buyers cautious and preferring hand-to-mouth procurement. In China, 304 scrap prices declined in East China and Foshan amid weak futures sentiment and softer NPI prices.