[Daily Review of NPI] High-grade NPI traded at high prices in the market; market players are watching the performance of end-users in August

According to SMM data, on September 4, the FOB price of Indonesian MHP nickel fell by $10/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose by $3/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $10/mt Ni.

From October 1, 2026, EU importers must declare and substantiate where imported steel was originally melted and poured, typically through a mill test certificate containing the melt-and-pour country and heat number. The rules do not alter existing quota volumes or restrict market access from specific countries, and a one-year transition period allows alternative documentation where MTCs are unavailable. However, from October 2027, the Commission will incorporate collected melt-and-pour data into country-specific quota allocation decisions, with a further assessment by June 2028 on whether the melt-and-pour country should itself become a basis for quota access. The rules carry significant implications for Asia's stainless steel supply chains, where cross-border processing is widespread. Indonesia exported approximately 330,000 tonnes of stainless steel slabs to Italy in 2025, with EU-bound shipments already exceeding 123,000 tonnes this year; as slabs currently fall outside trade measure scope, the route of importing Indonesian semi-finished slabs for local processing may face greater scrutiny as melt-and-pour traceability deepens.