[SMM Stainless Steel Flash] Nickel Surges as Indonesia Plans Export and Windfall Taxes; LME Eyes $20,000

Published: May 7, 2026 09:59

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The Indonesian government reaffirmed plans to implement export duties and a windfall profit tax on low-processed nickel products, triggering a sharp rally in global metal markets. The policy aims to curb under-invoicing and smuggling while recouping state subsidies used to build the nation’s downstream industry. Following the announcement, SHFE nickel futures surged over 3.5% today, while LME nickel jumped to approximately $19,900/mt, a 2.1% daily gain. With the cost floor rising, Asian stainless steel futures have now gained over 10% since early April, reflecting a broader bullish trend across base metals.

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