Metal Bulletin 9 Nov 2026: Nickel Jumps 5.6%

Ganesh Metals Metal Bulletin — week to 6 Nov 2026

Nickel led this week’s move: LME cash nickel closed at $16,095/t on 6 Nov, up 5.6% from $15,240/t on 30 Oct. Jakarta signalled tighter 2027 nickel-ore quotas, while Indian stainless coil lists were cut ahead of Diwali.

Market figures

LME cash nickel: $16,095/t, +5.6% week on week; LME nickel stocks: 271,968 t, down from 278,238 t. Source: Westmetall (LME data).

LME cash copper: $13,955/t, −3.4% from $14,449/t. LME cash aluminium: $3,117/t, +0.1% from $3,114/t. Source: Westmetall (LME data).

Stainless steel in India

A leading Indian stainless producer cut November coil list prices from 2 Nov, citing weak pre-Diwali demand and softer scrap. BigMint (via Mysteel) reported 304 HR/CR down ₹4,000/t and 316 HR/CR down ₹3,000/t; the public report does not name the mill.

SMM’s FOB India basis for 2–6 Nov showed 304/2B averaging $2,003/t and 316/2B $4,058/t, before both were cut $30/t on Thursday to $1,985/t and $4,040/t. CFR India 304 scrap slipped $15/t to $1,505/t mid-week.

Molybdenum, chrome, rupee and titanium

Mysteel’s China FeMo60-C mid price was RMB 331,000/t on 6 Nov (range RMB 328,000–334,000); an East China mill tender also settled at RMB 331,000/t. No fresh public Indian ferrochrome price for the week to 6 Nov was found; the Q4 European benchmark remains 152 US cents/lb.

The rupee closed at ₹93.90/$ on 6 Nov, a six-and-a-half-month high, stronger than ₹94.95/$ a week earlier. Chinese Grade 0 titanium sponge held near RMB 42,000/t (about $6,450/t FOB), flat on the week.

Rules to watch

• BIS enforcement for stainless flats (IS 6911) is deferred to 31 Mar 2027.

• 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.

• The QCO exemption for 162 stainless semi-finished grades under IS 14650:2023 was extended to 31 Mar 2027.

Buyer takeaway

Nickel’s rebound is policy-driven and LME stocks fell, but Indian domestic stainless lists moved lower ahead of Diwali. Ferro-moly has steadied off its late-October soft patch; titanium sponge remains soft on high supply and weak demand. Check current stock and rates for post-holiday 316, duplex or nickel-alloy requirements.

Sources

Westmetall LME cash prices and stocks: https://www.westmetall.com/en/markdaten.php?action=table&field=LME_Ni_cash (also LME_Cu_cash and LME_Al_cash).

Indonesia nickel quota coverage: The Deep Dive, 6 Nov 2026, https://thedeepdive.ca/nickel-climbs-from-near-10-month-low-as-jakarta-backs-tighter-supply-controls/; SMM, https://news.metal.com/newscontent/104204762-smm-nickel-flash-news-indonesia-signals-more-aggressive-nickel-ore-rkab-cuts-for-2027.

India coil list changes: Mysteel / BigMint, 4 Nov 2026, https://www.mysteel.net/news/5147300-india-leading-stainless-steel-producer-revises-coil-prices-downward-for-nov26.

FOB India stainless prices and QCO: 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, 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.

Ferro-moly: Mysteel, 6 Nov 2026, https://www.mysteel.com/hot/1481361.html. Ferrochrome benchmark: Samchrome, 2 Oct 2026, https://www.samchromefze.com/samchrome-ferrochrome-price-announcement-for-the-fourth-quarter-of-2026/.

Rupee: 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. Titanium: 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: Metal Hustle, https://metalhustle.com/p/the-steel-deadline-moved-to-march-2027; DGTR, 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.

Read the full Metal Bulletin Issue 4

For general information only, not investment or purchase advice. Prices are indicative, taken from the public sources named, and may change.