Ganesh Metals Metal Bulletin

Issue 3: week to 30 Oct 2026

Published 2 Nov 2026

Nickel slips as Indonesian cuts stay unconfirmed; Indian 304 and 316 offers rise

LME nickel, cash: $15,240/t (23 Oct: $15,695/t); change −2.9%; source Westmetall (LME data)

LME copper, cash: $14,449/t (23 Oct: $14,415/t); change +0.2%; source Westmetall (LME data)

LME aluminium, cash: $3,114/t (23 Oct: $3,043/t); change +2.3%; source Westmetall (LME data)

Rupee: ₹94.95/$ (23 Oct: ₹94.94/$); change Flat on the week; source Business Recorder (Reuters), 30 Oct

Sources: Westmetall nickel, copper, aluminium (accessed 2 Nov 2026); Business Recorder, 30 Oct 2026.

Nickel

Nickel gave back most of the previous week's gain. LME cash nickel closed at $15,240 a tonne on 30 Oct, down 2.9% from $15,695 a week earlier (Westmetall LME data).

Talk of output cuts by Chinese-owned producers in Indonesia supported prices early in the week, but no cuts have been confirmed, and demand stayed weak. Indonesia's energy ministry said the 2027 nickel ore quota will be lower than the revised 2026 quota of about 290–300 million wmt, without giving a figure (BigMint, 30 Oct 2026).

LME nickel stocks eased to about 278,200 tonnes on 30 Oct, from 280,700 tonnes a week earlier (Westmetall LME data).

Sources: Westmetall; BigMint, 30 Oct 2026.

Stainless steel in India

Indian 304 and 316 offers rose across the board on 30 Oct, SMM reported. On SMM's FOB India basis, 304 hot-rolled coil rose $25 to $1,945 a tonne and 316 hot-rolled coil rose $30 to $4,000 a tonne. 304 and 316 scrap rose to $1,520 and $3,140 a tonne. SMM linked the rise to higher nickel and molybdenum costs and better sentiment in the Indian market (SMM, 30 Oct 2026).

Jindal Stainless reported Q2 (July–September) sales up 14% to 664,000 tonnes, but lowered its FY27 growth guidance to 4–6% (SMM, 30 Oct 2026).

Sources: SMM, 30 Oct 2026 (offers); SMM, 30 Oct 2026 (Jindal Q2).

Molybdenum and chrome

China's 60% ferro-moly closed at RMB 325,000 a tonne on 30 Oct, down 1.8% from RMB 331,000 a week earlier and 5.4% below October's high. SMM said prices showed signs of steadying at month-end (SMM, 30 Oct 2026).

Indian ferrochrome held at about ₹1,20,000 a tonne in the week to 24 Oct after recent auctions, the latest public figure (Mysteel, citing BigMint, 26 Oct 2026). The Q4 European ferrochrome benchmark stays at 152 US cents per pound (Samchrome, 2 Oct 2026).

Sources: SMM ferro-moly price page, 30 Oct 2026; SMM molybdenum analysis, 30 Oct 2026; Mysteel, 26 Oct 2026; Samchrome, 2 Oct 2026.

Rupee and titanium

The rupee ended the week at ₹94.95 per dollar, flat against ₹94.94 a week earlier. A Friday rally offset Brent crude near $118 a barrel (Business Recorder / Reuters, 30 Oct 2026; HDFC Sky, 31 Oct 2026).

Chinese Grade 0 titanium sponge fell to an average of about RMB 42,000 a tonne, or $6,450 a tonne FOB, from about RMB 44,000 a week earlier. High output and rising stocks pushed some producers to cut prices (SMM, 30 Oct 2026).

Sources: Business Recorder, 30 Oct 2026; HDFC Sky, 31 Oct 2026; SMM, 30 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 runs to 28 Mar 2027. No duty has been imposed yet (DGTR; SteelOrbis).

• No new India duty, anti-dumping or BIS change for stainless, nickel alloys or titanium metal was found this week.

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

What this means for buyers

Nickel eased because the Indonesian cuts have not been confirmed. Even so, Indian 304 and 316 offers moved up this week on raw-material costs, so local stainless prices are not following nickel down for now.

Ferro-moly is near the bottom of its October range, and titanium sponge stays soft on oversupply.

If you have 316, duplex or nickel-alloy needs coming up, it may help to check current stock and rates.

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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.