For the Quarter Ending June 2026
Nickel Pig Iron Price in APAC
- In Indonesia, Nickel Pig Iron Price Index rose by 7.88% quarter-over-quarter, driven by regulatory tightening.
- The average Nickel Pig Iron price for the quarter was approximately USD 146.00/MT, as reported.
- Nickel Pig Iron Spot Price remained underpinned by constrained ore flows and higher freight costs.
- Nickel Pig Iron Price Forecast suggests upside supported by policy-driven supply constraints and stainless demand.
- Nickel Pig Iron Production Cost Trend increased following HPM reform, lifting ore and coal expenses.
- Nickel Pig Iron Demand Outlook steady as Chinese stainless restocking offsets softer regional manufacturing demand.
- Nickel Pig Iron Price Index showed volatility as export controls constrained seaborne tonnage, tightening offers.
- Inventory and export demand remained mixed, while smelters maintained throughput despite selective capacity-related production cuts.
Why did the price of Nickel Pig Iron change in June 2026 in APAC?
- Tighter export controls and quotas reduced available seaborne supply, significantly lifting domestic Price Index support.
- HPM reform and rising costs pushed Nickel Pig Iron Production Cost Trend upward, pressuring margins.
- Weaker stainless demand and cautious procurement compressed bids, while logistics and insurance costs elevated.
Nickel Pig Iron Price in North America
- Nickel Pig Iron Spot Price softened through April and May before stabilizing in June, as ample import arrivals from Indonesia and the Philippines met subdued stainless steel mill demand.
- Nickel Pig Iron Production Cost Trend remained relatively contained for imported material, though domestic logistical costs for inland distribution rose due to higher diesel prices and rail congestion.
- Nickel Pig Iron Price Forecast signals a flat-to-cautious outlook for Q3 2026, with potential upside if U.S. stainless producers increase capacity utilization or if Indonesian export policies tighten further.
- Nickel Pig Iron Demand Outlook is muted; domestic stainless steel mills operated at 72–75% capacity during the quarter, reducing their appetite for NPI as a low-cost nickel unit substitute, favoring primary nickel cathode instead.
- Major U.S. stainless producers, including North American Stainless and ATI, sourced NPI primarily from term contracts rather than spot, limiting spot market liquidity and keeping the Nickel Pig Iron Price Index range-bound.
- Port inventories in New Orleans and Houston built up by approximately 8% over the quarter, as vessel arrivals remained steady while mill off-take slowed, exerting mild downward pressure on pricing.
Why did the price of Nickel Pig Iron change in June 2026 in North America?
- Prices decreased in June 2026 primarily due to reduced buying interest from domestic stainless steel mills, which cut production schedules in response to softer demand for flat-rolled products from the construction and appliance sectors.
- Concurrently, a 4% decline in LME nickel prices during June filtered down to the NPI market, as stainless producers adjusted their nickel-unit procurement strategies toward cheaper cathode alternatives, pressuring the Nickel Pig Iron Spot Price lower.
- Increased availability of competitively priced NPI cargoes from Southeast Asia, coupled with ample warehouse stocks, reduced bidding competition and pushed the Nickel Pig Iron Price Index downward during the month.
Nickel Pig Iron Price in Europe
- Nickel Pig Iron Spot Price showed consistent weakness throughout the quarter, as European stainless steel producers reduced raw material purchases amid declining finished product order books.
- Nickel Pig Iron Production Cost Trend for imported material was influenced by higher ocean freight rates (up ~8% quarter-over-quarter) and increased insurance premiums for vessels transiting key shipping lanes, though this did not translate into higher offers due to weak demand.
- Nickel Pig Iron Price Forecast anticipates continued price softness into early Q3, with a potential floor emerging if Chinese export restrictions reduce global seaborne availability or if European automotive production recovers.
- Nickel Pig Iron Demand Outlook remains challenging; stainless steel demand in Europe contracted by 2.5% year-over-year, with major mills in Germany and Italy prioritizing cathode and briquettes over NPI for their nickel units.
- European buyers sourced NPI opportunistically from Indonesian and Philippine origins, but volumes were limited as most consumers preferred LME-linked cathode contracts for predictable pricing and grade consistency.
- Rotterdam stockpiles grew by 6% over the quarter, and the Nickel Pig Iron Price Index reflected this oversupply, with offers frequently discounted to attract the few active spot buyers.
Why did the price of Nickel Pig Iron change in June 2026 in Europe?
- Prices decreased in June 2026 primarily due to a pronounced slowdown in European stainless steel production, with mills in Spain and Belgium announcing extended summer maintenance shutdowns that reduced NPI consumption.
- Additionally, a surge in low-priced NPI offers from Indonesian smelters, who redirected cargoes away from a slowing Chinese market, flooded the European spot market and directly pressured the Nickel Pig Iron Spot Price downward.
For the Quarter Ending March 2026
Nickel Pig Iron Prices in North America
- The Nickel Pig Iron Price Index remained flat quarter-over-quarter, with limited direct imports into the region.
- Nickel Pig Iron Spot Price saw minimal volatility, as most demand is met via nickel metal and ferronickel.
- Nickel Pig Iron Price Forecast expects gradual price recovery if US infrastructure spending boosts stainless steel demand.
- Nickel Pig Iron Production Cost Trend rose modestly due to higher logistics and port handling charges for imported material.
- Nickel Pig Iron Demand Outlook is steady, supported by automotive and energy sector stainless steel consumption.
Why did the price of Nickel Pig Iron change in March 2026 in North America?
- Prices were unchanged in March 2026 as supply-demand balance held steady, with limited spot imports from Indonesia and APAC offset by consistent, moderate demand from specialty steelmakers.
Nickel Pig Iron Prices in APAC
- In Indonesia, the Nickel Pig Iron Price Index rose by 18.71% quarter-over-quarter, supported by exports.
- The average Nickel Pig Iron price for the quarter was approximately USD 135.33/MT based on FOB Jakarta assessments.
- Nickel Pig Iron Spot Price registered steady weekly gains amid twelve-week bullish momentum and selling.
- Nickel Pig Iron Price Forecast projects near-term upside as ore constraints and export nominations persist.
- Nickel Pig Iron Production Cost Trend benefited from lower coal prices, trimming cash costs month-on-month.
- Nickel Pig Iron Demand Outlook positive with Chinese stainless mills restocking ahead of construction demand.
- Domestic concentration raises Nickel Pig Iron Price Index sensitivity to smelter outages and downstream disruptions.
- Export-led offtake absorbed rising output, keeping inventories moderate and supporting firm FOB offers despite buyers.
Why did the price of Nickel Pig Iron change in March 2026 in APAC?
- Balanced supply-demand with steady smelter run-rates limited spot availability and supported FOB price resilience levels.
- Lower coal costs reduced production expenses, while freight inflation from geopolitical risks remained a watchpoint.
- Sustained Chinese import nominations and limited domestic arbitrage maintained buying interest, underpinning Q1 price strength.
Nickel Pig Iron Prices in Europe
- The Nickel Pig Iron Price Index in Europe softened slightly by 2.3% quarter-over-quarter, reflecting subdued industrial activity.
- Nickel Pig Iron Spot Price remained range-bound, with limited spot liquidity as most supply is tied to long-term contracts.
- Nickel Pig Iron Price Forecast suggests stable to downward pressure amid weak stainless steel end-user demand.
- Nickel Pig Iron Production Cost Trend showed marginal increases due to higher energy costs and carbon border adjustments.
- Nickel Pig Iron Demand Outlook is cautious, as European mills operate at reduced utilization rates.
Why did the price of Nickel Pig Iron change in March 2026 in Europe?
- Prices decreased slightly in March 2026 mainly due to weak manufacturing across Germany and France, leading to lower stainless steel order books and reduced buying interest for Nickel Pig Iron.
