[SMM Stainless Steel Flash] Indonesian Nickel Ore Quota Increase Pending Approval While Market Remains Cautious

Published: Jul 14, 2026 09:35

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The global nickel and stainless steel markets remain focused on Indonesia's July RKAB quota revision window, with several Indonesian mining companies having submitted applications for increased allocations. The outcome remains uncertain: approval would help ease nickel ore supply constraints, while a slower-than-expected review process could disrupt ferronickel and stainless steel supply chains. High inventory levels continue to suppress market performance, with spot transactions staying sluggish and end-user demand remaining weak. With the quota review outcome still unclear, elevated inventories, and soft demand converging, the nickel and stainless steel markets are likely to maintain a cautious wait-and-see tone in the near term, with the trajectory hinging on Indonesia's quota policy direction and shifts in supply-demand fundamentals.

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