Mining.com reported that NexMetals Mining announced that its Selkirk copper-nickel-PGM project in Botswana has seen resources increase by nearly 70%, becoming a “significant force” in the company’s Botswana operations. On the 24th, NexMetals stated that through successful resampling and drilling, the Selkirk project’s resources were upgraded from Inferred to Indicated to approximately 1.1 billion pounds of copper equivalent, with ore resources of 78.2 million mt at a grade of 0.66% copper equivalent. After the upgrade, the remaining Inferred ore resources stand at 15.1 million mt at a grade of 0.60% copper equivalent, equating to 200 million pounds of copper equivalent. Compared with the latest update (2024), the project’s copper equivalent increased by 63%, mainly due to higher metallurgical recoveries and the inclusion of by-product cobalt, silver, and gold. Additionally, the company noted that changes in metal prices also had a significant impact on the resource estimate, as the Selkirk project is a polymetallic deposit. NexMetals stated that this resource upgrade has improved resource confidence and reduced development risk, representing an “important technical milestone” for the project. The company said that with the expanded resource, the project has now “developed into a strategically important, multi-commodity critical metals asset” with scale and development potential. Previously, Selkirk was “seen as a minor asset with limited value,” the company added. The project is located approximately 75 km northeast of NexMetals’ Selebi project; both projects are former copper-cobalt-nickel mines. The Selkirk project’s mining license covers 14.6 km², while one mining license for Selebi spans 115 km². On the 24th, NexMetals CEO Whiteford Sean said in a press release: “When we acquired the Selebi and Selkirk projects in liquidation in 2022, we saw the opportunity to unlock value through modern exploration and disciplined technical work, and today’s resource update at Selkirk is a great example of that strategy being put into action.”

RCT – Powered by Epiroc said its automation technology helped a historic, unnamed Canadian nickel mine safely shift from underground to surface mining. Working with a mining-services contractor, RCT fitted its AutoNav Tele system to two Caterpillar D10 dozers and a Cat 992 wheel loader so operators run them remotely from a dedicated cabin, cutting risk from surface work above old underground voids. It also added site communications and a geofence with crest detection to keep vehicles off a dam edge, and trained personnel. This is an equipment-automation and mine-safety item with no nickel market, production, or pricing relevance.

[SMM Analysis] Reassessing the Logic Behind Sulfur's "Surge" Driving Nickel Prices Higher

Based on SMM research, the week of April 20 to April 24, 2026, Indonesian stainless steel export prices followed a stable then surging trend. While quotations remained steady early in the week due to prevailing market caution, they collectively rose by USD30/mt by Friday (April 24). This increase was driven by rising nickel ore prices, which pushed NPI (Nickel Pig Iron) production costs higher, lifting FOB Indonesia 300-series prices. Notably, driven by rising global molybdenum costs, 316-series prices are now approaching the USD4,000/mt threshold. Image 1: Review of FOB Indonesia 304 Stainless Steel Prices in April Image 2: Review of FOB Indonesia 316 Stainless Steel Prices in April The upward momentum in overseas stainless steel prices stems from structural tightening at the raw material end. The official implementation of Indonesia’s new Nickel Ore Pricing Formula (HPM), coupled with the announced suspension of operations for maintenance at a major Indonesian nickel mine starting in May, has caused an abrupt tightening of ore supply. This supply crunch is propagating down the value chain, supporting firm NPI quotations and directly inflating the immediate steelmaking costs for mills. On the demand side, the Southeast Asian downstream market is currently in an inventory depletion phase. Upstream mills maintain a strong stance on pricing, pushing for further hikes toward the end of the week. Conversely, downstream buyers remain resistant to these high price levels, restricting procurement to hand-to-mouth replenishment. According to SMM research, local DDP 304 stainless steel cold-rolled coil (CRC) prices in Malaysia are currently ranging between RM 9.50 and RM 10.50/kg . The European market has witnessed a slight trend of defensive restocking. The core driver is the impending expiry of the current EU TRQ (Tariff Rate Quota) on June 30 . Starting July 1 , the updated policy is expected to see quotas slashed by nearly half and potential tax rates doubled. To hedge against high tariff risks in the second half of the year, European traders have recently concentrated purchases on cargoes arriving before the end of June, triggering a counter-seasonal inventory buildup. SMM reports that local DDP 304 CRC prices in Europe are hovering between €2,700 and €2,900/mt . Market activity in Taiwan, China remains relatively subdued, with buyers prioritizing the consumption of existing stocks and showing little appetite for restocking. Although upstream mills continue to raise April ex-factory prices, pushing local 304 CRC prices to a range of NT$ 69,300 to NT$ 74,000/mt, the wait-and-see sentiment among downstream buyers has overshadowed replenishment needs now that prices have hit historical highs, significantly limiting market liquidity. Overall transaction dynamics this week reflect a stark imbalance between the upstream and downstream sectors. Upstream mills, driven by cost pressures, remain firm in their pricing strategies, while downstream buyers maintain a cautious stance, sticking to essential-only purchasing. Given that May list prices have been released and mills remain resolute in their pricing, coupled with the pre-June 30 policy-driven hedging demand in Europe, overseas prices are expected to remain elevated in the short term. SMM anticipates that overseas stainless steel quotations will continue to fluctuate within a high-side range.

This week, stainless steel spot prices and production costs rose in tandem, while smelting profits at stainless steel mills remained basically stable. Taking 304 cold-rolled products as an example, based on same-day raw material prices, the full cost profit margin reached 1.79% this week; calculated on inventory raw material costs, the profit margin stood at 2.54%. Nickel raw material cost side, high-grade NPI prices rose sharply this week. Stimulated by news related to Indonesian nickel mines, SHFE nickel and SS futures rose in tandem, driving up high-grade NPI prices. Although downstream stainless steel mills still showed a tendency to push for lower prices, stainless steel mill profits have recovered somewhat, and coupled with the cost pressure of high-grade NPI itself, the upward trend in prices may continue. As of this Friday, mainstream 10-12% grade high-grade NPI rose 7 yuan per nickel unit, closing at 1,097 yuan/nickel unit. Stainless steel scrap market, stainless steel scrap prices edged up this week. The strengthening of SS futures drove up finished product prices, while the continued fermentation of news on Indonesian nickel mine production halts boosted market sentiment, pushing high-grade NPI prices higher, with stainless steel scrap rising in tandem due to the linkage effect. Supporting factors are clear; although its economic advantage over NPI has narrowed, it remains competitive, and steel mills have strong purchase willingness; the easing of tax invoice shortages has also improved the trading environment. The market presents a pattern of "futures-spot linkage and demand support" with no obvious bearish factors for now, and stainless steel scrap prices are expected to hold up well in the short term. As of this Friday, mainstream 304 off-cuts prices in the Shanghai region rose by 50 yuan/mt, with the latest quotation at around 10,400 yuan/mt. Chromium raw material cost side, high-carbon ferrochrome prices remained broadly stable this week. During the week, TISCO took the lead in announcing its May steel mill tender price for high-carbon ferrochrome, up 100 yuan/mt (50% metal content) MoM, which boosted confidence in the ferrochrome market and eased the downward trend in retail quotations. However, as May tender prices from other mainstream stainless steel mills have yet to be finalised, the market remains uncertain about whether follow-up price increases will materialise, and the stable trend in short-term high-carbon ferrochrome prices is unlikely to change. As of this Friday, mainstream high-carbon ferrochrome prices in Inner Mongolia were stable WoW, closing at 8,475 yuan/mt (50% metal content).

【SMM Steel】Potential fuel shortages are raising concerns across the Philippines' nickel, steel, and cement sectors. A national energy emergency was declared on Mar 24 due to global oil supply disruptions. Diesel prices have surged over 80%. Some nickel mines risk suspension. Steel producers are implementing cost controls. Large-scale shutdowns aren't expected yet, but industry remains under pressure.