[SMM Stainless Steel Market Flash] EU Commission Escalates Turkish Stainless Case to Top Court

Market rumors suggest that Indonesia may relax the restrictions on the annual nickel ore mining quota (RKAB) in the second half of this year. This move may alleviate the tight raw material supply situation of local smelting enterprises, but it may also put downward pressure on international nickel prices. According to an unnamed informed source, the government may adjust a significant amount of the total annual nickel ore mining quota in the middle of the year, and some nickel ore enterprises plan to submit applications for quota increases early next month. However, the news is currently highly uncertain. As of now, there have been no clear reports from local Indonesian media, and the Ministry of Energy and Mineral Resources (ESDM) of Indonesia has not issued any official news or statements to confirm the claim regarding a substantial quota revision. The plan to relax the quota still has significant uncertainties, and SMM will continue to closely monitor the actual progress and official developments of this event.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Jun , 2026

PT Gunbuster Nickel Industry (GNI) has been placed into a temporary PKPU process by the Central Jakarta Commercial Court, under case no. 140/Pdt.Sus-PKPU/2026, ruled on June 19, 2026. PKPU is a court-supervised suspension of debt payments and restructuring procedure, not bankruptcy liquidation. The court granted a 43-day standstill and appointed a supervisory judge and administrators to handle claims and a restructuring plan, with a first creditors meeting set for July 2 and a vote on July 28. SMM said the move makes visible the financial and operating strain at some high-cost, high-debt RKEF NPI producers, following earlier reports of GNI layoffs and line maintenance. The near-term impact on NPI supply depends on line operations, ore procurement, and how the restructuring proceeds.