Metal Bulletin 19 Oct 2026: Nickel at 10-Month Low, Rupee Up

Covers the week ended Friday 16 Oct 2026. Changes compare 16 Oct with 9 Oct closes.

Nickel slips to a 10-month low while the rupee posts its best week in seven months

• Nickel: LME cash fell 2.4% to $15,170/t (from $15,545), after briefly touching its lowest level in nearly 10 months. Indonesia raised its 2026 nickel ore quota to about 290 million tonnes, adding supply. [1][2][3]

• Molybdenum: China ferro-moly spot quotes slipped from RMB 340,000/t to RMB 335,000–338,000/t as steel mills pushed tender prices lower. Chinese 316 stainless followed, easing to RMB 27,900/t. [4]

• Chrome: The Q4 European ferrochrome benchmark settled at 152 US cents/lb, down from 156 in Q3. [5]

• Rupee: Closed at ₹94.96 per dollar on 16 Oct, up about 1.9% on the week, as RBI measures cut dollar demand. [6]

• Copper and aluminium: LME cash copper ended at $14,595/t (down 0.6%) and aluminium at $3,014/t (down 1.4%), both bouncing on Friday after a volatile week driven by US inflation data. [1][7]

• Titanium: Chinese Grade 0 sponge held at RMB 44,000–45,000/t (about $6,800/t FOB) as supply grew and demand stayed weak. [8]

What this means for buyers

Raw-material costs for 304, 316 and nickel alloys are easing, and a stronger rupee trims the cost of imported metal. Indian mill list prices haven't followed yet, though: we found no new mill price change this week (Jindal Stainless's last move was a hike on 10 Aug), and 316 has stayed firm in India on tight scrap. Two rule changes to watch: BIS enforcement for stainless plates, sheets and strips (IS 6911) was deferred to 31 Mar 2027 by the June 2026 QCO Amendment Order (S.O. 3300(E), 20 June 2026), overtaking the earlier 27 Apr 2026 import exemption for shipments loaded on or before 26 Oct 2026 [12], and India's anti-dumping probe into cold-rolled stainless flats and circles from China, Indonesia and Vietnam now runs to 28 Mar 2027, with no duty yet. [9][10][11] If you have Diwali-period needs in 316 flats, it's worth confirming stock now.

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Ganesh Metals, Mumbai: stainless, nickel alloys, duplex and titanium — supplying pan-India, including SEZ units.

Sources

1. westmetall LME data (nickel, copper, aluminium cash, 9 and 16 Oct 2026): https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash (also field=LME_Cu_cash, LME_Al_cash)

2. Business Recorder, "Copper leads base metals higher ahead of LME Week" (nickel near 10-month low): https://www.brecorder.com/news/40444700

3. SMM, Indonesia approves revised 2026 RKAB nickel ore quota of about 290 Mt (16 Oct 2026): https://news.metal.com/newscontent/104162642-smm-nickel-flash-indonesia-approves-revised-2026-rkab-nickel-ore-production-quota-of-approximately-290-million-tonnes

4. Mysteel weekly moly report, 9–16 Oct 2026 (FeMo and China 316 price): https://thj.m.mysteel.com/a/26101617/F52563FC8D23677C_abc.html

5. Samchrome Q4 2026 ferrochrome price announcement (2 Oct 2026): https://www.samchromefze.com/samchrome-ferrochrome-price-announcement-for-the-fourth-quarter-of-2026/

6. Economic Times, "Rupee rises 1.9% in a week, closes below 95 per dollar" (16 Oct 2026): https://economictimes.indiatimes.com/markets/forex/forex-news/rupee-rises-1-9-in-a-week-closes-below-95-per-dollar/articleshow/134996292.cms

7. Bloomberg via Yahoo Finance, "Metals Rebound as Sentiment Improves After Volatile Week" (16 Oct 2026): https://finance.yahoo.com/markets/commodities/articles/metals-rebound-sentiment-improves-volatile-120514039.html

8. SMM Titanium Weekly Review (sponge prices as of 16 Oct 2026): https://news.metal.com/newscontent/104162761-titanium-market-weekly-in-the-doldrums-industry-chain-divergence-continues-smm-titanium-weekly-review

9. Jindal Stainless price increase effective 10 Aug 2026 (stockist post): https://www.linkedin.com/posts/tejdeep-steels-leading-manufacturer-and-stockist_home-activity-7492524515290365955-a4HI; SMM India stainless flash, 316 HRC firm on tight scrap and moly (8 Oct 2026): https://news.metal.com/newscontent/104145662-smm-stainless-steel-flash-india-stainless-finished-market-mixed-as-tight-scrap-and-moly-lift-316-hrc

10. SteelOrbis, steel ministry QCO exemption for shipments on or before 26 Oct 2026 (29 Apr 2026): https://www.steelorbis.com/steel-news/latest-news/indias-steel-ministry-grants-temporary-exemptions-from-mandatory-qcos-for-certain-stainless-products-1450609.htm

11. SteelOrbis, DGTR extends AD probe on stainless CR flats to 28 Mar 2027 (25 Sep 2026): https://www.steelorbis.com/steel-news/latest-news/india-extends-ad-investigation-deadline-for-stainless-cr-flats-imports-from-three-countries-1479764.htm

12. Metal Hustle, "The steel deadline moved to March 2027" (12 Oct 2026, citing Steel and Steel Products (Quality Control) Amendment Order, 2026, S.O. 3300(E), 20 June 2026; IS 6911 deferred to 31 Mar 2027): https://metalhustle.com/p/the-steel-deadline-moved-to-march-2027; also SteelOrbis / Ministry of Steel 27 Apr 2026 order for the earlier 26 Oct 2026 shipped-on-board exemption [10].