On May 22, TISCO announced its tender purchase price for high-carbon ferrochrome for June at 8,295 yuan per 50 metric base tons. Tsingshan Group set its price at 8,495 yuan per 50 metric base tons simultaneously. Both prices were unchanged month-on-month from May, largely in line with market expectations. Market sentiment has stabilized, and retail prices of ferrochrome have halted their decline and leveled off.

South Korean aerospace materials group Spear is advancing construction of a next-generation High-Pressure Acid Leach (HPAL) nickel smelter in Indonesia, with acquisition of the project finalized earlier this year. The company is operating the Indonesian business through strategic partnerships with NIC, a globally listed minerals company, and Tsingshan Group, the world's largest nickel producer. Spear said it expects to recognize equity method gains and operational profits from the smelter going forward, alongside growth in nickel raw material distribution. Part of the 90 billion won raised through a recent CB block deal will be allocated to completing construction and funding offtake settlements for high-purity nickel output.

[SMM Aluminum Express News] Tsingshan Holding Group has reportedly asked some nickel pig iron (NPI) producers at Indonesia’s Weda Bay industrial park to cut output by June in order to redirect electricity supply toward aluminum production. The move highlights growing power constraints as Tsingshan expands into aluminum smelting in Indonesia, where stronger aluminum prices and Middle East-related supply disruptions have improved margins for the metal.

News Release: April 30, 2026 According to SMM statistics, China’s high-carbon ferrochrome output in April 2026 fell by 1.28% month-on-month but rose by 24.63% year-on-year, with notable regional divergence. The majority of the monthly output reduction came from Inner Mongolia in northern China. Affected by substation maintenance, ferrochrome producers in Fengzhen faced production restrictions, with output dipping slightly by 1.82%.

[SMM Chrome Daily Review: Steel Tender Bids Raised by 100, Confidence in Chrome Market Strengthened] April 27, 2026: The ferrochrome and chrome ore market saw no fluctuations for the time being...

Tsingshan Group released its May futures price list today, raising all 300-series grades by RMB300/MT, with floor prices set for 304 cold-rolled and hot-rolled coil. Liyang Stainless and Delong followed with matching increases. In Chinese Taiwan, 304 cold-rolled coil returned to a 3-year high of NT$70,500/MT, with a 6th consecutive monthly increase widely expected in May at NT$3,000–4,000/MT. On prices, 304 futures closed at RMB14,925/MT; Wuxi and Foshan spot cold-rolled averaged RMB14,900/MT; 316L averaged RMB28,200/MT in Wuxi and RMB28,250/MT in Foshan; 201 and 430 cold-rolled held at RMB8,700/MT and RMB7,800/MT respectively. While firm raw material costs continue to underpin prices, the divergence between futures pullback and weak downstream demand remains a key market dynamic to watch.

This week, stainless steel spot prices strengthened, while production costs also rose, further expanding steel mills' profit margins. Taking 304 cold-rolled products as an example, based on the current raw material prices, the full cost profit margin reached 0.15% this week; if calculated using the raw material inventory cost, it reached 1.74%. On the cost side for nickel-based raw materials, news regarding Indonesian nickel ore continued to develop this week, pushing high-grade NPI prices further up. NPI producers are already in a loss-making position, showing strong willingness to hold prices firm. Coupled with expectations of increased stainless steel production in March boosting demand for high-grade NPI, although mainstream stainless steel mills have not yet seen representative transaction prices, market confidence remains strong. As of Friday this week, the price for high-grade NPI with 10-12% grade rose 33.5 yuan per mtu, closing at 1,085 yuan/mtu. In the stainless steel scrap market, prices remained generally stable this week. Market recovery was slow in the first week after the holiday, as some scrap yards and downstream enterprises had not fully resumed work. The slow return to work led to insufficient trading activity and weak transactions. While futures prices fluctuated higher, boosted by Indonesian policy news, leading to a significant rise in high-grade NPI prices, stainless steel scrap prices did not fluctuate synchronously due to the lag in recovery. The advantage of stainless steel scrap relative to high-grade NPI further expanded, providing support for its price. With increased steel mill production schedules in March and the approach of the peak season "Golden March, Silver April", downstream demand is expected to be released, and procurement demand will increase. As of Friday this week, the price for 304 off-cuts in Shanghai remained stable, with the latest offer around 9,650 yuan/mt. Regarding the cost side for chromium-based raw materials, high-carbon ferrochrome prices continued their stable trend this week. In the first week after the Chinese New Year holiday, the market gradually recovered, but overall transactions remained relatively sluggish, with retail prices holding steady. During the week, Tsingshan Group announced its March high-carbon ferrochrome tender price, which was unchanged from the previous month at 8,245 yuan/mt (50% metal content). However, with the approaching peak demand season "Golden March, Silver April", expectations of a significant increase in stainless steel production schedules in March, and recent rises in stainless steel prices, market expectations for increased ferrochrome demand have grown, and a sentiment for price exploration has emerged in the ferrochrome market. As of Friday this week, high-carbon ferrochrome prices in Inner Mongolia were flat WoW, closing at 8,550 yuan/mt (50% metal content).

【SMM News Flash】French mining giant Eramet said on Wednesday that the initial production quota approved for its joint venture PT Weda Bay Nickel with China's Tsingshan Group and Indonesia's Antam in 2026 is 12 million wmt, a significant reduction from the 32 million wmt in 2025. The company added that the joint venture will apply to raise the quota. Indonesia is currently the world's largest nickel producer.

PT Indonesia Morowali Industrial Park (IMIP) has officially reached a new milestone in its green energy transition by operating 502 electric vehicles (EVs) as of December 2025, significantly exceeding its initial target of 400 units. This massive fleet, which includes 256 EV dump trucks, 110 loaders, and various excavators and forklifts, is led by Tsingshan Group and supported by key tenants such as PT DSI, PT QMB, and PT BTR to reduce carbon emissions and reliance on fossil fuels. Deputy Operational Director Yulius Susanto emphasized that this implementation aligns with Indonesia's national green industry roadmap, with future plans to expand EV usage to worker transportation, inspired by China's high EV adoption rates.

SMM's monthly metal production data is released at the end of each month, aiming to uncover the true fundamentals and help industry chain participants and investors gain a clearer grasp of the future direction of the non-ferrous metal market.