Shanghai nickel rose after export ban report on Indonesian nickel ore

Published: Oct 29, 2019 15:10

Save

Most nickel ore traders and mines have not received official notice about the immediate ban

SHANGHAI, Oct 29 (SMM) – Shanghai nickel prices moved higher on Tuesday October 29 after reports on Indonesia is halting nickel ore exports immediately. Indonesia's investment agency chief Bahlil Lahadalia said on Monday October 28 that some local nickel miners had agreed to stop exporting nickel ore with immediate effect.

In addition, it was also heard that exports to be shipped from Indonesia will be bought by local smelters at an international price level, excluding taxes and transfer cost.

Some Indonesian plants confirmed that the export ban was carried out with immediate effect, while most traders and mines have not received official notice about an immediate ban, market participants told SMM.

The statement followed after a sudden check on the illegal export of nickel ore across Indonesian mines last Friday night. SMM learned that some export vessels were detained for inspection, and delivery from some mines was halted.

According to an SMM survey, the inspection targeted exports of nickel ore with a grade above 1.65% and shipments by miners without export quotas.

As of October 29, the Indonesian government has not announced specific penalties for non-compliance.

Indonesia, the world's biggest nickel ore producer, in late-August brought forward the ban on nickel ore export to January 2020 from an original schedule of 2022.

The most-traded nickel December contract on the Shanghai Futures Exchange hit a high of 136,630 yuan/mt on October 29, the highest level over the past two weeks, before it trimmed gains and ended 0.17% lower on the day at 132,640 yuan/mt.

Market commentary Nickel Nickel ore Indonesia

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 4, 2026 17:02

[SMM Analysis] The April turn: how Chinese stainless mills came around to higher NPI prices

Three distinct phases — scrap competition, supply-side cost shocks, and a refined nickel rally — show how pricing power for the world's dominant stainless steel feedstock now sits less in Jakarta than on the LME and SHFE.

May 4, 2026 17:02

May 4, 2026 15:09

【SMM Flash News】Indonesia's HMA Nickel Increased in Early May, Smelters Have Transitioned to New Benchmark System

Following the revision of Indonesia’s HPM formula to include Iron, Cobalt, and Chromium, SMM expects the pricing impact to vary significantly. According to SMM’s internal assumptions, Saprolite (20% Fe, 1% Cr, 0.05% Co) and Limonite (45% Fe, 2% Cr, 0.10% Co), calculated against the latest HMA benchmarks of $17,802/dmt for Nickel, an increase of 5.13%, $55,854/dmt for Cobalt, $1.56/dmt for Iron, and $6.37/dmt for Chrome. This modeling illustrates the impact of byproduct levels on the new benchmarks. These figures serve as a reference, though actual valuations will vary by mine geography and ore characteristics. • Ni 1.2%: USD 47.82/wmt (↑ $1.76) • Ni 1.3%: USD 52.34/wmt (↑ $1.98) • Ni 1.4%: USD 57.30/wmt (↑ $2.14) • Ni 1.5%: USD 62.28/wmt (↑ $2.38) • Ni 1.6%: USD 67.49/wmt (↑ $2.63)

May 4, 2026 15:09

May 4, 2026 11:34

[SMM Stainless Steel Flash] UK/EU Steel Prices Surge Amid Tariffs; India Grants Relief to SMEs

The UK plans to impose 50% steel tariffs and a 60% quota cut starting July 2026, potentially driving prices above €1,000/ton, causing the highest in Europe. Similarly, EU steel prices have risen 20% since October 2025, with a 34% total surge expected by mid-2026 due to new safeguards and CBAM. In stark contrast, the Indian Ministry of Steel issued a decree on April 27, 2026, exempting MSMEs from QCO compliance for specific stainless steel imports until October 2026. While Europe faces criticism for strangling its manufacturing backbone with bureaucracy and duties, India is moving to de-bureaucratize and support its smaller industrial players.

May 4, 2026 11:34