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  【SMM Analysis】Mid-Year Review and Second-Half Outlook for Indonesia’s Nickel Ore Market in 2025: Spotlight on Policy Developments and Macro Factors

  1H 2025 marks the second year of RKAB three-year validity period. In this analysis, quarterly review will be discussed as below:

• SS futures pulled back to 12,800 yuan/mt stainless steel spot prices fell due to sluggish transactions [SMM Stainless Steel Daily Review]

  [SS FUTURES FALL BACK TO 12,800 YUAN/MT, STAINLESS STEEL SPOT PRICES DROP DUE TO WEAK DEMAND] SMM reported on August 20th, SS futures showed a further pullback. Today, influenced by the US adding 407 types of steel and aluminum derivative products to its tariff list, futures generally declined, dragging SS futures prices down, breaking below the 12,800 yuan/mt level, before slightly rebounding and stabilizing above 12,800 yuan/mt by the close. In the spot market, the decline in SS futures weakened market confidence, leading traders to slightly lower their quotes in an attempt to boost transactions. However, with the futures market falling, downstream end-users became more cautious, adopting a wait-and-see sentiment, making purchases more hesitant. In the futures market, the most-traded contract 2510 was in the doldrums. At 10:30 AM, SS2510 was quoted at 12,810 yuan/mt, down 100 yuan/mt from the previous trading day. In Wuxi, the spot premiums and discounts for 304/2B stainless steel were in the 310-510 yuan/mt range. In the spot market, Wuxi cold-rolled 201/2B coils were all quoted at 8,050 yuan/mt; cold-rolled 304/2B coils with trimmed edges, averaged 13,050 yuan/mt in Wuxi and 13,050 yuan/mt in Foshan; cold-rolled 316L/2B coils were 25,475 yuan/mt in both Wuxi and Foshan; hot-rolled 316L/NO.1 coils were 24,900 yuan/mt in both locations; cold-rolled 430/2B coils in Wuxi and Foshan were 7,350 yuan/mt each. Recently, social inventory of stainless steel has been declining...

• [Analysis: Tariff Policy Changes Lead to an Export Rush, July Lead-Acid Battery Exports Surge MoM]

  [Analysis: Tariff Policy Changes Lead to an Export Rush, July Lead-Acid Battery Exports Surge MoM] SMM reported on August 20th: According to customs data, China's lead-acid battery exports in July 2025 were 21.2866 million units, up 13.56% MoM and down 3.79% YoY...

• General Administration of Customs: China's July Copper Cathode Imports Up 12.05% YoY Detailed Data Overview

• General Administration of Customs: China's July Copper Ore and Concentrates Imports Up 8.96% MoM Detailed Data Overview