LME nickel prices and China's stainless steel futures strengthened this week, but the positive impact on trading volumes and market prices remained limited, with sluggish sales across Asia, Europe, and the US. In Chinese Taiwan, downstream buyers struggled to absorb June price increases from upstream mills, adopting a wait-and-see stance with most transactions concluded at May price levels, pressuring local distributors. India, by contrast, held steady, supported by demand from the automotive, industrial equipment, and infrastructure sectors. With BIS import restrictions eased through October, downstream manufacturers have grown more accepting of rising raw material costs, and end users are gradually absorbing the increased pricing pressure.

SMM data shows that overseas stainless steel prices saw their first correction after six months of gains during May 18–22. Indonesia’s leading mills cut FOB 300 series stainless steel by USD30/mt, then kept prices stable through out the week. Policy-driven supply concerns from Indonesia and IWIP NPI cuts pushed LME nickel above USD 18,800/mt. The market focus shifted from price weakness to cost support, while demand remained resistant to high prices.

[SMM NPI Market Transaction Update] SMM reported on June 23 that according to market sources, a stainless steel mill in South China concluded a transaction for high-grade NPI today, with a transaction price of 910 yuan/mtu (on board including tax, Ni≥11%), from Indonesia. The total transaction volume was tens of thousands of mt, with delivery scheduled for mid-to-late July.