[SMM Stainless Steel Market Flash] Jindal Stainless Indonesia RKEF Unit Stays EBITDA-Positive Despite Ore Repricing

Published: Aug 14, 2026 14:54

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On its Q1 FY27 earnings call on August 4, India's Jindal Stainless (JSL) said its Indonesian RKEF nickel pig iron business remained EBITDA-positive for a second consecutive quarter, though management stressed the business is inherently volatile given nickel price swings and that its primary purpose is securing raw material availability rather than earnings. The comment came in response to an analyst question on Indonesia's revised nickel ore benchmark pricing and its margin impact. MD Abhyuday Jindal called peer moves into Indonesia a welcome development, citing SAIL's MoU with an Indonesian state entity for its Salem plant and POSCO's similar investment, arguing they validate JSL's own move years earlier given Indonesia's repeated signals on restricting nickel ore and NPI exports.

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