SMM Nickel News, April 9: Macro and Market News: (1) On April 8 local time, US President Trump posted on his social media platform "Truth Social" that any country providing military weapons to Iran would face "immediate 50% tariffs" on "any and all goods" sold to the US, adding that the measure would "take effect immediately" with "no exclusions or exemptions." (2) US Fed March meeting minutes: more officials mentioned the possibility of rate hikes. The Fed's mouthpiece noted that the ceasefire made it harder for the Fed to decide. Spot Market: On April 9, SMM #1 refined nickel prices rose 50 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 3,350 yuan/mt, down 250 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel premiums ranged from -400 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel 2605 contract opened higher today but then fluctuated downward, closing at 133,000 yuan/mt, down 0.02%. In the short term, Indonesia's policy tightening and cost support have built a solid floor for nickel prices, but high inventory and weak end-use demand capped upside room. The most-traded SHFE nickel contract is expected to operate in a core range of 133,000-143,000 yuan/mt.

The United States has maintained a restructured trade regime as of March 2026 that places an effective tariff rate of 41.1% on imported steel and aluminum products. This high rate reflects the combination of Section 122 global tariffs and existing Section 232 duties, which have significantly tightened domestic supply and allowed major US mills like Nucor and Cleveland-Cliffs to command significant premiums. While Canada and Mexico maintain exemptions under USMCA, the broader policy has raised costs for manufacturers relying on specialized alloys not produced locally.

On April 2, 2026, the White House ushered US steel trade policy into "Version 2.0." This strategic shift goes beyond simple tariff hikes. It uses full-value taxation and melt-and-pour traceability to block low-end imported raw materials, while applying structural tariff reductions to finished products to ease manufacturing inflation. Ultimately, this two-pronged approach aims to forcibly bring the global supply chain back to domestic US steel production.

New Delhi quietly renewed BIS certification waivers through September 2026, even as it talks tough on Chinese overcapacity. The contradiction reveals more about India's industrial gaps than its trade policy convictions

Recently, Hyundai Motor Group signed a cooperation agreement with Zhejiang Huayou Recycling Technology Co., Ltd. to jointly build an EV power battery recycling system in Indonesia. The cooperation covers the recycling and reuse of battery production scrap and end-of-life batteries, aiming to achieve a closed-loop resource system across the entire battery life cycle. Background of the Cooperation As the world’s largest nickel producer, Indonesia is pushing with unprecedented determination to transform itself from a raw material exporter into a global EV battery manufacturing hub. According to the Indonesian government’s plan, by 2030 the country will achieve total EV battery capacity of 100 GWh and plan to produce about 600,000 pure EVs annually. The HLI Green Power battery plant, jointly established in Indonesia by Hyundai Motor Group and LG Energy Solution, is a key part of this strategy. Located in Karawang, West Java, the plant has a total investment of $1.1 billion and began operations in 2024. It has annual capacity of 10 GWh and can supply battery cells for more than 150,000 EVs. The plant mainly supports EV models of Hyundai Motor Group in Southeast Asia, India, and other markets. However, with the rapid expansion of battery capacity, the disposal of end-of-life batteries and manufacturing scrap has become an increasingly prominent issue. The Indonesia Battery Association forecasts that by 2030 the country’s end-of-life power batteries will reach 120,000 mt. But the existing recycling system has clear shortcomings: insufficient processing capacity, lack of technical standards, and more than 70% of processing handled through informal recycling channels. In the suburbs of Jakarta, multiple open-air acid-leaching lithium workshops have even emerged, causing soil heavy metal levels to exceed EU limits by 50 times. This cooperation carries multiple implications for the development of Indonesia’s battery industry and even that of Southeast Asia as a whole: Improving the Local Industry Chain: Through the New Energy Law, the Indonesian government has designated EVs as a national strategic industry and requires foreign automakers to commit to building battery plants in Indonesia, with 40% local sourcing of parts to be achieved by 2027. The cooperation between Hyundai Motor and Huayou Recycling helps Indonesia build a complete industry chain spanning mineral extraction, battery manufacturing, and recycling. Addressing Resource Challenges: Although Indonesia is rich in nickel resources, it produces almost no cobalt, and its lithium resources depend on imports from Australia. Through battery recycling, it can partially reduce its import dependence on critical minerals and improve resource security. Attracting More Investment: The Indonesian government has introduced fiscal incentives such as zero import tariffs, exemption from luxury sales tax, and a reduction in VAT from 11% to 1%, to attract foreign investment into the battery industry. The battery recycling cooperation in Indonesia between Hyundai Motor Group and Huayou Recycling is not only a commercial move by the two enterprises, but also a reflection of the global battery industry's transition toward a circular economy. With the rapid expansion of the EV market, battery recycling has shifted from an environmental protection issue to a matter of resource strategy and economics.

According to an order from the Indian Ministry of Steel on March 31, 2026, the government has officially granted an exemption from mandatory input adherence for three specific Indian Standards of stainless steel flat products. This exemption specifically applies to products falling under IS 6911, IS 5522, and IS 15997. The Ministry noted that this decision was made in response to representations received from stainless steel importers. The exemption will be valid for all imports possessing a Bill of Lading with a "shipped on board" date on or before September 30, 2026.