Impact on China’s Stainless Steel Market

 

Indonesia and EU Dispute Over Export Ban

Ongoing WTO Dispute

For years, Indonesia and the European Union have been at odds over Indonesia’s export ban on a critical raw material. The EU initially won the case at the World Trade Organization (WTO), but Indonesia appealed. The case remains unresolved due to a shortage of WTO judges.

Indonesia’s Stance

Minister Luhut Binsar Pandjaitan stated that the EU acknowledges Indonesia’s right to limit or ban nickel ore exports. He emphasized, “We are not prohibiting precursor exports, but we also have the right to supply. The EU cannot dictate to us.”

EU’s Nickel Procurement Challenges

The EU faces increasing difficulties in sourcing nickel products, despite not fully sanctioning Russian nickel exports. This situation is creating significant challenges for the EU’s procurement strategies.

Impact on China’s Stainless Steel Market

Nickel Ore Supply Disruptions

Disruptions in nickel ore supply have driven up ferronickel prices, leading to higher stainless steel prices in China. Although refined nickel product supplies from Indonesia to China remain stable, Indonesian producers still rely on ore imports from the Philippines.

Rising Demand for Ferronickel

China’s demand for ferronickel is evident from the substantial import volumes. From January to April 2024, nearly 3 million tonnes were imported, a 32% increase from the previous year. Refined nickel product imports rose by 12.8% during the same period.

These factors have significantly impacted ferronickel prices, which in turn have driven up prices for Chinese stainless steel.

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