[SMM Nickel News Flash] Indonesia Released HPM, SMM Estimated MHP Production Cost Expected to Rise by About $2,600/mt Ni

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.

MHP payables weakened amid ample supply and cautious downstream buying, while high grade nickel matte payables held steady. Despite a rebound in benchmark nickel prices, MHP’s nickel and cobalt component prices fell. Nickel intermediates are expected to remain under pressure in the near term.