[SMM Stainless Steel Flash] Canada Retaliates Against US Section 338 Tariffs

Indonesian nickel ore CIF average prices remained unchanged across all three grades: · 1.4% Ni: CIF average price at $53.3/wmt · 1.5% Ni: CIF average price at $60.8/wmt · 1.6% Ni: CIF average price at $65.8/wmt Market: The Indonesian nickel ore market remained in a wait-and-see mode, with buyers maintaining cautious procurement amid relatively ample ore inventories. Most smelters still hold around two months of raw-material inventory, limiting immediate spot demand. Policy: The market continues to closely monitor additional RKAB approvals and potential quota adjustments. APNI has proposed maintaining the 2026 RKAB at 270 million wmt, with an additional 30 million wmt strategic buffer, reflecting concerns over growing smelter feedstock demand.

According to South Korean customs statistics, total imports of hot-rolled and cold-rolled stainless steel coils from August 1 to 17 amounted to approximately 17,550 tonnes, down about 16.7% YoY, with both hot-rolled and cold-rolled categories declining. Cold-rolled stainless steel coil imports totalled approximately 10,000 tonnes, while hot-rolled stainless steel sheet imports reached approximately 7,500 tonnes, with Taiwan (POC) ranking first at roughly 2,850 tonnes. Market attributed the overall decline to two key factors: persistently weak downstream demand in South Korea's automotive, electronics, and construction sectors dampening domestic purchasing sentiment, and elevated inventory levels prompting traders to proactively reduce new import orders to manage risk.