SMM #1 Refined Nickel Price Falls by 250 Yuan/MT, Jinchuan Premiums Drop 100 Yuan/MT

Steel Authority of India Limited (SAIL) and Indonesia's PT Krakatau Steel have signed a joint venture agreement to establish a stainless steel slab plant in Indonesia with an annual production capacity of 500,000 tonnes. The project aims to strengthen industrial cooperation between the two companies and support the development of stainless steel production in Indonesia, with the planned facility focused on manufacturing stainless steel slabs for further processing and downstream applications. The partnership marks a significant step in expanding regional stainless steel manufacturing capabilities and reflects growing India-Indonesia collaboration in the steel sector.

The Eurasian Economic Commission has extended anti-dumping duties on seamless corrosion-resistant (stainless) steel pipes from Ukraine until April 29, 2027, following a review initiated on April 30, 2026. The measures were originally set to expire on September 6, 2026. The review was requested by local pipe manufacturers TMK, TMK-Inox LLC, and Kiberstal, backed by Kazan Pipe Rolling Plant LLC. Ongoing duty rates range from 4.32% to 18.96% depending on the manufacturer, covering products under HS codes 7304 41 and 7304 90 series.

According to SMM data, on July 13, the FOB price of Indonesian MHP nickel fell $23/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose $60/mt Co. The FOB price of Indonesian high-grade nickel matte rose $53/mt Ni.