[SMM Nickel Market Flash] Indonesia Nickel Industry Seeks Clarity on Whether NPI Falls Under Mandatory DSI Export Rule

The EU-US tariff agreement took effect July 1, permanently enshrining a 15% import tariff on most EU goods. Tensions remain, however, as the EU has demanded the cancellation of US tariffs on steel, aluminum, and derivative products including machinery and structural components, arguing they violate the August 2025 framework agreement. US Ambassador Andrew Puzder pushed back, noting that the EU's CBAM — which entered its final phase on January 1, 2026, targeting steel, aluminum, cement, hydrogen, fertilizers, and power — fundamentally serves the same purpose as tariffs by raising import costs to protect domestic production from competition, describing EU complaints about US measures as a striking double standard.

A leading Indian stainless steel producer raised domestic HR and CR coil prices effective August 14, its second revision in August. Increases by grade: 304 HR increases INR 1,000/t, 316L HR/CR increases INR 3,000/t, 200-series CR increases INR 1,000/t, and all HR grades in 1,301–1,500mm width increases INR 2,000/t. The hike was driven by persistently higher ferro molybdenum costs and volatile nickel prices amid ongoing uncertainty over Indonesia's revised RKAB mining quotas. India's domestic market remained firm with improving downstream demand, while subdued imports due to higher freight rates and geopolitical tensions reinforced buyers' reliance on domestic material. In China, weak futures sentiment weighed on spot prices, with RKAB uncertainty, hawkish Fed signals, and US-Iran tensions keeping sentiment bearish, though stable inventories and firm NPI costs provided a price floor, pointing to a weak-to-stable consolidation phase near term.

Chinese Taiwan's Customs Administration under the Ministry of Finance has formally launched an anti-dumping investigation into certain cold-rolled flat-rolled stainless steel products imported from Vietnam, following a petition filed by Yusco and Tang Eng Iron Works. The investigative period covers July 1, 2025, to June 30, 2026. The Ministry of Economic Affairs will assess potential industrial damage within 40 days of receiving the notification, while the Ministry of Finance reviews dumping margins. Products under investigation are cold-rolled stainless steel flat products in coils or sheets with thickness of 0.05–6.10mm, nickel content of 5–20%, chromium content of 15–25%, manganese content up to 3%, and aluminum content up to 0.5%, excluding coated or plated products. Officials noted that surging import volumes priced below domestic production costs have caused severe market share losses and financial strain for local producers.