The beginning of 2026 did not bring the calm usually expected in the global stainless steel industry chain ahead of the traditional Lunar New Year offseason. Instead, under the double pincer attack of surging raw material costs and escalating trade protectionism, the market is undergoing a violent restructuring.

According to Suara Sultra News, Garda Muda Anoa Sultra (GMA Sultra) has formally urged the Indonesian Minister of Energy and Mineral Resources to freeze the 2026 RKAB approval for PT Gerbang Multi Sejahtera (PT GMS) due to allegations of illegal nickel ore sales in 2022 using "flying documents" from PT Wijaya Inti Nusantara (PT WIN). Executive Director Muhammad Ikbal Laribae characterized the suspected practice as a serious mining crime that causes state losses, calling for an immediate audit by the Directorate General of Minerals and Coal and warning of potential mass protests and reports to the KPK (Anti-Corruption Commission) if the government fails to take firm action against such illicit mining activities.

[SMM Magnesium News] Bosnia's Kupres faces citizen revolt against magnesium mining, with 4,308 signatories (1,093 voters + 3,215 stakeholders) opposing the project. Concerns include health/environmental risks, tourism development conflicts, and water source contamination. Protesters demand termination of Grguljaca quarry concession, citing violation of spatial planning laws.

Jamie Dimon, CEO of JPMorgan Chase, recently stated that the impact of the US government's previous measures to boost the economy has waned, and the US economy may face some difficulties in the coming months, urging businesses and investors to prepare accordingly. At a conference on Tuesday, Dimon pointed out, "I think real economic data may soon deteriorate." Despite survey data showing a decline in consumer and business leader confidence in the face of the Trump administration's tariff policies, total employment and consumer spending in the US continue to grow. Dimon downplayed the significance of the survey data, stating that "consumers and businesses have never accurately judged economic turning points," but he also noted that the future process of a "soft landing" for the economy may not be smooth. "Employment will decline slightly, and inflation will rise slightly—hopefully just slightly," he added, mentioning that the decrease in immigration is another complicating factor. In recent days, large-scale protests against Trump's immigration policies have continued to spread across multiple US cities, with Trump having dispatched National Guard and Marine Corps troops to quell the unrest. However, the situation has not improved but has instead escalated. Additionally, data released by the US Department of Labor on Wednesday showed that the full impact of Trump's across-the-board tariff hikes has yet to be fully realized, with US CPI inflation in May falling short of expectations across the board. In fact, Dimon has maintained a cautious or negative outlook on the economic prospects in recent times, and his comments on Tuesday were not particularly pessimistic compared to his previous remarks. At the end of last month, Dimon stated that after the US government and the US Fed's "massive overspending" and quantitative easing, the US bond market would "collapse" under the weight. He called on the Trump administration to steer the US onto a more sustainable path. Dimon pointed out on Tuesday that if Trump sticks to his initial tariff plans, he expects the US economy to enter a recession, but the situation appears better than anticipated. He believes that Trump's tariff policies have already begun to have a negative impact on the economy, although these effects are just beginning to emerge. He mentioned that many individuals and businesses had previously purchased a lot in advance to avoid tariffs, but this was only temporary, and such advance purchases have now ended. Dimon also warned about the private credit sector, which has become a booming business on Wall Street and is considered a potential area of concern during economic downturns. The CEO explained that the risks of private credit are different for banks and investors—banks are responsible for arranging these transactions and then removing them from their books, while investors hope to achieve long-term returns from this asset class. "If I were a fund manager, would I think it's a good time to buy credit assets? No. I wouldn't buy these assets at these prices and spreads today."

China Reform Holdings Corporation Ltd. and China Chengtong Holdings Group Ltd., two state-owned capital operation companies, successfully issued 39.5 billion yuan of special bonds for steady growth and expanded investment in the interbank market on the 9th, further supporting central state-owned enterprises in strengthening their investments in the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," and continuing to make efforts in areas such as major equipment upgrades and technological transformations, major scientific and technological innovations, and major strategic emerging industries. This is the second batch of special bonds successfully issued by the two central state-owned enterprises since they were approved to issue special bonds with a total scale of 500 billion yuan last year. This batch of special bonds consists of 23 billion yuan issued by China Reform Holdings Corporation Ltd. and 16.5 billion yuan issued by China Chengtong Holdings Group Ltd., both with a maturity of 10 years and a final coupon rate of 2.09%.

On June 10 (Tuesday), Indonesia's Energy Minister, the world's major nickel ore producer, stated on Tuesday that Indonesia had revoked the mining licenses of four mining companies in Raja Ampat, Papua, its easternmost region, following strong public protests over concerns about the environmental impact of these companies.