Ganesh Metals Metal Bulletin

Issue 2: week to 23 Oct 2026

Published 26 Oct 2026

Nickel rises on talk of Indonesian cuts; Indian 304 and 316 coil prices go up

LME nickel, cash: $15,695/t (16 Oct: $15,170/t); change +3.5%; source Westmetall (LME data)

LME copper, cash: $14,415/t (16 Oct: $14,595/t); change −1.2%; source Westmetall (LME data)

LME aluminium, cash: $3,043/t (16 Oct: $3,014/t); change +1.0%; source Westmetall (LME data)

Rupee: ₹94.94/$ (16 Oct: —); change Little changed on the week; source The Hindu BusinessLine (Reuters), 23 Oct

Sources: Westmetall nickel, copper, aluminium (accessed 26 Oct 2026); The Hindu BusinessLine, 23 Oct 2026.

Nickel

Nickel moved up this week. LME cash nickel closed at $15,695 a tonne on 23 Oct, up 3.5% from $15,170 a week earlier (Westmetall LME data).

The trigger was supply news from Indonesia. Chinese producers there, including Tsingshan and Huayou, are weighing joint output cuts. Options reported include halving MHP output and cutting nickel pig iron by 20%. Nothing has been decided yet (Mining Weekly / Reuters, 23 Oct 2026).

LME nickel stocks are still high, at about 280,700 tonnes on 23 Oct (Westmetall LME data).

Sources: Westmetall; Mining Weekly, 23 Oct 2026.

Stainless steel in India

India's leading stainless mill raised its 304 and 316 hot- and cold-rolled coil prices from 11 Oct. Reasons given: tight supply in some sizes, scarce scrap and costly ferro-moly. The size of the hike was not made public (SMM, 20 Oct 2026).

Jindal Stainless also said its July flat-product imports from China were 2.9 times last year's monthly average (SMM, 26 Oct 2026).

Sources: SMM, 20 Oct 2026; SMM, 26 Oct 2026.

Molybdenum and chrome

SMM put the average cost of making ferro-moly in China at RMB 345,700 a tonne for 19–23 Oct. Its public ferro-moly (60%) quote on 26 Oct was RMB 325,500 a tonne, below that cost. Producers are selling at a loss (SMM, 23 and 26 Oct 2026).

No new public chrome price this week. The Q4 European ferrochrome benchmark stays at 152 US cents per pound (Samchrome, 2 Oct 2026).

Sources: SMM cost data, 23 Oct 2026; SMM ferro-moly price page, as seen 26 Oct 2026; Samchrome, 2 Oct 2026.

Rupee and titanium

The rupee ended the week at ₹94.94 per dollar, little changed (The Hindu BusinessLine / Reuters, 23 Oct 2026). Brent crude near $114 a barrel weighed on it (Rediff / PTI, 23 Oct 2026).

Chinese Grade 0 titanium sponge averaged about RMB 44,000 a tonne, or $6,750 a tonne FOB. Demand stayed weak (SMM, 23 Oct 2026).

Sources: The Hindu BusinessLine, 23 Oct 2026; Rediff, 23 Oct 2026; SMM, 23 Oct 2026.

Rules to watch

• BIS enforcement for stainless flats (IS 6911) is deferred to 31 Mar 2027 (S.O. 3300(E), 20 June 2026, as reported by Metal Hustle, 12 Oct 2026).

• India's anti-dumping probe on cold-rolled stainless flats from China, Indonesia and Vietnam now runs to 28 Mar 2027. No duty has been imposed yet (DGTR; SteelOrbis).

Sources: Metal Hustle, 12 Oct 2026; DGTR case page; SteelOrbis.

What this means for buyers

Nickel has turned up after weeks of easing. If the Indonesian cuts are confirmed, nickel alloys and 304/316 stainless could firm further. If not, the rise may fade.

The October mill hike suggests Indian 304 and 316 coil prices are unlikely to fall soon. Titanium remains a buyer's market.

If you have 316 or nickel-alloy needs for Q4, it may help to confirm stock and rates now.

Correction to Issue 1

Issue 1 (19 Oct) said we found no new Indian mill price change. SMM later reported (20 Oct) that India's leading stainless mill raised 304 and 316 coil prices from 11 Oct.

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For general information only, not investment or purchase advice. Prices are indicative, taken from the public sources named, and may change. Ganesh Metals is not responsible for decisions made on this information.

Ganesh Metals, Mumbai: stainless steel, nickel alloys, duplex and titanium. Supplying pan-India, including SEZ units, with EN 10204 3.1 certificates.