[SMM data] Intermediate products imported from Nickel Wet smelting in April 2020-by country

US Fed September rate meeting: unanimously approved a 25-basis-point rate hike, saying the move will support a more timely return of inflation to target; the 2026 dot plot shifted significantly higher, with 16 officials expecting additional hikes still needed this year

According to SMM market research, a steel mill in southern China concluded a high-grade nickel pig iron deal yesterday at 1,050 yuan/mtu on a delivered basis. The cargo has nickel content above 11%, with a transaction volume of 7,000 mt and delivery scheduled for November.

Following the publication of detailed product-level allocations under the India-EU FTA, concerns have emerged that key steel quota allocations are below India's current entitlements under the EU's new steel import regime. While the FTA provides a total country-specific quota of 1.64 million mt, a product-by-product comparison reveals shortfalls: CRC quotas under the FTA stand at 218,658mt versus 269,974mt in June 2026; stainless bars and light sections at 79,278mt versus 92,556mt; and seamless stainless tubes and pipes at 13,140mt versus 15,328mt. The total FTA allocation is approximately 300,000mt below India's current entitlements. According to Reuters, the Indian steel industry is seeking 29–35% higher quotas across product categories and has submitted a note to India's trade ministry stating that "India's total guaranteed country-specific quota under the agreement is smaller than its current total entitlement, putting the country in an unfavorable position with regard to market access."