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Indonesian stainless steel plant today surged significantly, up $55 per ton
According to SMM, influenced by upstream raw material policy changes and strong support from the cost side, major stainless steel producers in Indonesia will significantly raise their ex-factory prices by $55/ton (about 376 RMB/ton) today.
The core reason for the large fluctuation in the market is that the Indonesian Ministry of Energy and Mineral Resources (ESDM) recently announced an increase in the benchmark price of nickel ore (HPM) and fully implemented a new pricing formula.
The new pricing mechanism directly pushed up the procurement costs of nickel smelting, and mainstream stainless steel producers, under significant cost pressure, have aggressively pushed up their quotes.
This cost increase driven by mineral policy is expected to provide very solid bottom support for the recent Asian stainless steel market.