[SMM Analysis] Weakening Cost Support Drives Nickel Salt Prices Lowe

Japan preliminarily determined to impose anti-dumping duties on nickel-bearing cold-rolled stainless steel coil, sheet and strip from China and Taiwan, after finding the imports were dumped and caused material injury to domestic producers. Trade minister Ryosei Akazawa said rates could reach about 45% for Chinese goods and about 21% for Taiwanese goods, with duties possibly taking effect as soon as July. The case, jointly run by METI and the Finance Ministry, began in July 2025 on a complaint led by Nippon Steel and Nippon Yakin Kogyo. China supplies about 20% of Japan's steel-product imports and Taiwan 17%. The measure would close an export outlet for Chinese and Taiwanese 300-series CR stainless amid global overcapacity, likely diverting tonnage to Southeast Asia and other markets.

Nickel Asia Corp. (NAC), the Philippines' largest nickel producer, said it is the first mining company in the country to receive Science Based Targets initiative (SBTi) validation for its greenhouse-gas reduction targets. The validated goals cover cutting absolute Scope 1 and 2 emissions 42% by 2030 and Scope 3 emissions 37.5% by 2035, both from a 2024 base year, supporting a net-zero-by-2050 ambition. NAC first submitted targets to SBTi in early 2024; the validation confirms alignment with climate science in a sector long seen as hard to abate. As Western OEMs and buyers increasingly screen nickel on ESG and traceability, a validated decarbonization path could strengthen the positioning of Philippine ore supply against higher-emission, coal-powered Indonesian output.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 25 Jun , 2026