SHFE Nickel to Remain Rangebound Today

Indonesia’s Attorney General’s Office has named PT Ceria Nugraha Indotama (CNI) as a corporate suspect in an alleged nickel commodity governance corruption case in Southeast Sulawesi during 2017–2020. Prosecutors also named four individuals as suspects. The case allegedly involved nickel exports without fulfilling DMO requirements, inaccurate nickel-grade testing documents, export recommendation issuance before RKAB approval, and incomplete RKAB document verification. The alleged state loss was estimated at Rp401.65 billion. The case may increase market attention on historical nickel export compliance, RKAB administration, and third-party assay verification procedures in Indonesia’s mining sector.

India's Directorate General of Trade Remedies (DGTR) issued a notification on September 22, confirming the central government's approval to extend the anti-dumping investigation deadline on stainless steel cold-rolled flat products originating in or exported from China, Indonesia, and Vietnam by six months, from September 28, 2026 to March 28, 2027. The extension maintains the original product scope covering 300 and 400 series coils, strips, sheets, plates, and circles, without issuing any findings or preliminary duty rates. The investigation, which commenced on September 29, 2025, covers specific austenitic, ferritic, and martensitic grades, excluding hot-rolled flat products, duplex grades, and 200-series products with specific nickel content levels.

Indonesian production cuts slowed the decline in NPI prices, but rising port inventories and weak stainless steel demand kept buyers cautious. The NPI discount to refined nickel widened, modestly improving the economics of conversion to high grade matte, though direct NPI sales remained more profitable.