[SMM Stainless Steel Market Flash] Japan's Nippon Kinzoku Starts Mass Output of Ultra-Thin Stainless for Insulin Needles

US-backed investment firm Orion CMC is reportedly weighing an investment of about $500m in Tanzania's Kabanga nickel project, according to Bloomberg as cited by Ecofin Agency and carried by other outlets on August 25. Talks between Tanzania and operator Lifezone Metals over the project's financial and ownership framework have moved more slowly than expected, pushing the final investment decision to Q1 2027. Lifezone holds 84% and the government 16% under a 2021 agreement, with amendments to the development structure and benefit-sharing under discussion. Kabanga needs about $942m of construction capital and, per its feasibility study, would produce roughly 902 kt of nickel, 134 kt of copper and 69 kt of cobalt over an 18-year life. The US DFC has previously signalled financing interest.

South Korea has set out what it wants from Indonesia on nickel, citing incentives for nickel-based batteries and consistent policy, Jakarta Globe reported on August 27. Uhm Taeho, political section chief at the Korean Embassy, told a Jakarta media workshop that Seoul is looking for incentives and easier rules for nickel-based batteries, which he said are recyclable and cleaner but cost slightly more, with incentives meant to close that gap. Asked about Indonesia's one-gate export policy channelling strategic commodity exports through Danantara unit DSI, which covers the ferroalloys Korea buys for steelmaking, he said Korea respects the policy but that consistency and predictability matter for investment. Indonesia is expected to detail EV incentives soon after repeated delays.

Nickel Industries (ASX: NIC) said in its H1 2026 results that Indonesia's HPM benchmark reform sharply raised realised ore prices at its 80%-held Hengjaya Mine, with the average sale price up 28% YoY to US$31.3/wmt — saprolite up 55% to US$40.4/wmt while limonite eased 8% to US$21.2/wmt. Unit operating costs rose 50% to US$18.7/wmt on higher royalties under the new HPM, cutting the EBITDA margin from 49% to 40%; adjusted EBITDA rose just 4% to US$73.4m on flat sales of 5.9m wmt, achieved despite a 14-day suspension. NIC also flagged a 2026 RKAB quota of 14.3m wmt, up 60%, which it said compares favourably with peers.