Ganesh Metals Metal Bulletin

Issue 4: week to 6 Nov 2026

Published 9 Nov 2026

Nickel jumps as Jakarta signals deeper 2027 ore cuts; Indian mills cut November coil lists

Prices at a glance

LME nickel, cash — $16,095/t (30 Oct: $15,240/t); +5.6%; Westmetall (LME data)

LME copper, cash — $13,955/t (30 Oct: $14,449/t); −3.4%; Westmetall (LME data)

LME aluminium, cash — $3,117/t (30 Oct: $3,114/t); +0.1%; Westmetall (LME data)

Rupee — ₹93.90/$ (30 Oct: ₹94.95/$); stronger; Hindu Business Line, 6 Nov

Sources: Westmetall nickel (https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash), copper (https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Cu_cash), aluminium (https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Al_cash) (accessed 9 Nov 2026); Hindu Business Line, 6 Nov 2026 (https://www.thehindubusinessline.com/markets/forex/rupee-strengthens-to-close-at-a-six-and-a-half-month-high/article71675114.ece).

Nickel

Nickel rebounded sharply. LME cash nickel closed at $16,095 a tonne on 6 Nov, up 5.6% from $15,240 a week earlier (Westmetall LME data).

Indonesia’s energy minister and National Economic Council backed tighter 2027 RKAB nickel-ore quotas, saying the 2027 quota will fall below the revised 2026 level of about 290–300 million wmt, without giving a final figure. A weaker dollar and risk-on sentiment after the US midterms also supported metals (The Deep Dive, 6 Nov 2026; SMM).

LME nickel stocks fell to 271,968 tonnes on 6 Nov, from 278,238 tonnes a week earlier (Westmetall LME data).

Sources: Westmetall (https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash); The Deep Dive, 6 Nov 2026 (https://thedeepdive.ca/nickel-climbs-from-near-10-month-low-as-jakarta-backs-tighter-supply-controls/); SMM RKAB flash (https://news.metal.com/newscontent/104204762-smm-nickel-flash-news-indonesia-signals-more-aggressive-nickel-ore-rkab-cuts-for-2027).

Stainless steel in India

A leading Indian stainless producer cut November coil list prices from 2 Nov, its first revision of the month, citing weak pre-Diwali demand and softer scrap. BigMint (via Mysteel) reported 304 HR/CR down ₹4,000 a tonne and 316 HR/CR down ₹3,000 a tonne (Mysteel, 4 Nov 2026). The mill is not named in the public notes.

On SMM’s FOB India basis for the week of 2–6 Nov, 304/2B averaged $2,003 a tonne and 316/2B $4,058 a tonne (gains carrying over from the 30 Oct rise); both grades were then cut $30 a tonne on Thursday, to $1,985 and $4,040 a tonne. CFR India 304 scrap slipped $15 a tonne to $1,505 a tonne mid-week (SMM, 6 Nov 2026).

Sources: Mysteel / BigMint, 4 Nov 2026 (https://www.mysteel.net/news/5147300-india-leading-stainless-steel-producer-revises-coil-prices-downward-for-nov26); SMM, 6 Nov 2026 (https://news.metal.com/newscontent/104209867-smm-analysis-ex-china-stainless-prices-diverge-indonesia-rises-on-nickel-europe-and-malaysia-slide); SMM flash, 3 Nov 2026 (https://news.metal.com/newscontent/104202331-smm-stainless-steel-flash-indias-leading-stainless-mill-cuts-november-coil-prices-semis-qco-waiver-extended).

Molybdenum and chrome

Mysteel’s China FeMo60-C mid price was RMB 331,000 a tonne on 6 Nov (range RMB 328,000–334,000). That is firmer than the late-October soft patch near RMB 325,000 a tonne on SMM’s 30 Oct close. An East China mill tender on 6 Nov settled at RMB 331,000 a tonne (Mysteel, 6 Nov 2026).

No fresh public Indian ferrochrome price for the week to 6 Nov was found. The Q4 European ferrochrome benchmark stays at 152 US cents per pound (Samchrome, 2 Oct 2026).

Sources: Mysteel, 6 Nov 2026 (https://www.mysteel.com/hot/1481361.html); Samchrome, 2 Oct 2026 (https://www.samchromefze.com/samchrome-ferrochrome-price-announcement-for-the-fourth-quarter-of-2026/).

Rupee and titanium

The rupee closed at ₹93.90 per dollar on 6 Nov, a six-and-a-half-month high, stronger than ₹94.95 a week earlier. Support came from foreign portfolio inflows, softer crude and a weaker dollar (Hindu Business Line, 6 Nov 2026).

Chinese Grade 0 titanium sponge held at an average of about RMB 42,000 a tonne, or $6,450 a tonne FOB, flat on the week. High operating rates and weak demand kept the market soft (SMM, 6 Nov 2026).

Sources: Hindu Business Line, 6 Nov 2026 (https://www.thehindubusinessline.com/markets/forex/rupee-strengthens-to-close-at-a-six-and-a-half-month-high/article71675114.ece); SMM, 6 Nov 2026 (https://news.metal.com/newscontent/104209690-off-season-suppresses-demand-titanium-market-consolidates-at-lows-with-little-chance-of-rising-in-the-short-term-smm-titanium-weekly-review).

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).

• On 28 Oct 2026 the Ministry of Steel extended the Quality Control Order exemption for 162 stainless semi-finished grades under IS 14650:2023 to 31 Mar 2027 (SMM, 3 Nov 2026).

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

Sources: Metal Hustle, 12 Oct 2026 (https://metalhustle.com/p/the-steel-deadline-moved-to-march-2027); DGTR case page (https://www.dgtr.gov.in/en/anti-dumping-cases/anti-dumping-investigation-concerning-imports-cold-rolled-flat-products); SteelOrbis (https://www.steelorbis.com/steel-news/latest-news/india-extends-ad-investigation-deadline-for-stainless-cr-flats-imports-from-three-countries-1479764.htm); SMM, 3 Nov 2026 (https://news.metal.com/newscontent/104202331-smm-stainless-steel-flash-indias-leading-stainless-mill-cuts-november-coil-prices-semis-qco-waiver-extended).

What this means for buyers

Nickel’s rebound is policy-driven: Jakarta is signalling deeper 2027 ore cuts, and LME stocks fell again. That supports nickel-alloy and 316 cost talk, but Indian domestic stainless lists were cut ahead of Diwali, so local coil offers did not follow nickel higher this week.

Ferro-moly has steadied off its late-October lows. Titanium sponge stays soft on high supply and weak demand.

If you have 316, duplex or nickel-alloy needs after the holiday, 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.