[SMM Stainless Steel Flash] According to CREA, Stainless Steel Still Leads Indonesia's Nickel Demand

Published: Apr 20, 2026 18:07

Save

According to CREA report, stainless steel remains the dominant end-use for Indonesia's nickel despite ongoing "green nickel" marketing efforts. In 2025, 83% of nickel output will go to stainless steel versus 17% for EV batteries; by 2030, stainless steel is still projected to account for 51% of supply against 18% for batteries. Demand from the battery sector faces uncertainty as more EVs shift to nickel-free technologies. Indonesia, which produces over half of global refined nickel, faces mounting pressure from stricter environmental regulations and carbon taxes over its coal-powered production, along with broader supply chain risks. Separately, BMI (a Fitch Solutions company) raised its 2026 nickel price forecast to US$16,600/ton, citing policy uncertainty and rising supply risks.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Analysis] Reassessing the Logic Behind Sulfur's "Surge" Driving Nickel Prices Higher

1 hour ago

Data: SHFE, DCE market movement (May 11)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 11 May , 2026

1 hour ago

3 hours ago

[NPI Daily Review] Significant Divergence Between Upstream and Downstream, High-Grade NPI Prices in High-Level Stalemate

[SMM Daily Comment: Significant Divergence Between Upstream and Downstream, High-Grade NPI Prices Stagnant at High Levels] May 11 — The SMM high-grade NPI upstream sentiment index was 3.52, down 0.08 MoM, and the high-grade NPI downstream sentiment index was 2.42, down 0.07 MoM.

3 hours ago