DONG-YU STEEL

For years, many exporters viewed the European market through a relatively straightforward lens: secure an order, allocate quota, and ship. That era is ending. With the EU's latest safeguard measures now taking effect, the conversation is no longer simply about how much steel can enter Europe. It has become a question of who is structurally positioned to serve Europe over the long term. The new framework introduces three simultaneous barriers: Country-specific import quotas A

On June 3, 2026, U.S. President Donald Trump signed an Executive Order titled: "Strengthening Customs Enforcement." At first glance, many may view this as another customs compliance initiative. In reality, it may represent something far bigger. The United States is no longer satisfied with knowing what is being imported. It now wants to know: Who imported it. Who owns the importer. Who manufactured it. Where the raw materials originated. How the product was produced. This mar

The market didn’t just move. It reacted. Nickel surged. Stainless futures followed. Base metals across Asia lit up almost in unison. But if you think this is about price, you're already behind. This Is Not a Tax. This Is a Strategic Extraction Indonesia is signaling a decisive shift: Export tax on nickel products Windfall (excess profit) tax Pre-shipment inspection authority 강화 At first glance, it looks like a fiscal move. In reality, it's something far more aggressive: A sys

The market doesn't bend to policy forever. Eventually, reality forces a decision. India's latest move says everything. On April 27, the Indian Ministry of Steel made a decisive shift: Extending the BIS certification exemption for stainless flat products (including semi-finished materials) until October 26, 2026. But this is more than an extension. It's a full strategic reversal. ⚠️ What Changed And Why It Matters Two critical signals stand out: Inclusion of IS 14650 (billets,

The global nickel market is entering a new phase, not of surplus, but of controlled scarcity. Indonesia, the undisputed center of global nickel supply, is no longer maximizing output. Instead, it is strategically tightening the tap. With the 2026 RKAB quota cut by approximately 30%, down to 260–270 million wet metric tons, the message is clear: 👉 price stability now outweighs volume expansion. But here lies the real tension. Domestic smelter demand in Indonesia is estimated

Many still see CBAM as just another “carbon tax.” That understanding is already behind the curve. CBAM is not about taxation. It is about redefining competitiveness across the global industrial supply chain. 1. The Core Logic: Not Just a Formula On paper, CBAM looks simple: CBAM Cost = Certificate Quantity × EU ETS Price But the real mechanism goes deeper. CBAM cost is driven by: The gap between embedded emissions and free allowances A market-driven carbon price (EU ETS) A ca

In my previous post, we discussed a market where nickel prices remain firm despite weak demand. Today, we are seeing why. The global nickel market is entering a new phase, one where supply is no longer purely driven by production capacity, but increasingly shaped by policy control. French mining group Eramet has confirmed that its Weda Bay nickel operation in Indonesia will enter temporary suspension from mid-May 2026, following a sharp reduction in mining quotas imposed by t

While many market participants are still interpreting the recent nickel rally as a short-term rebound, a deeper structural shift is already underway. This is not a recovery. This is a repricing of the entire cost system. 1. From Price Movement to Cost Reconfiguration Nickel has reclaimed key levels (LME above $18,000/t, SHFE above RMB 140,000/t). However, this move is not driven by demand recovery, it is driven by policy-induced cost inflation. Indonesia's new HPM (benchmark

India' s Ministry of Steel has announced a temporary exemption from mandatory BIS certification for stainless steel flat products under IS 6911, IS 5522, and IS 15997. The exemption applies to imports with a Bill of Lading dated on or before September 30, 2026. Under normal conditions, these products require certification from the Bureau of Indian Standards (BIS) to ensure compliance with domestic quality regulations. What's behind the move? This is not deregulation, it's sup

Recent developments indicate a meaningful shift in Indonesia's approach to resource-based fiscal policy. While increasing state revenue from coal and nickel remains a clear priority, the previously anticipated single export tax (BK) framework is now being reconsidered. Instead, policymakers are exploring more flexible and multi-layered fiscal mechanisms. The Ministry of Energy and Mineral Resources (ESDM) confirmed that internal simulations are underway to evaluate alternativ

Recent discussions around Indonesia's nickel export tax have been shifting frequently, with multiple versions circulating in the market. While this has triggered short-term price fluctuations, the market is gradually stabilizing. Against this backdrop, Delong Steel has released its April pricing, showing an increase of approximately USD$10/MT compared to March. Despite ongoing policy uncertainty, mills have still secured over 20,000 tons in orders, a clear indication that the

Nickel Prices Rise - But the Real Shift Is in Cost Structure On March 25, 2026, Indonesia's President Prabowo Subianto approved the direction of imposing export taxes on nickel and coal. While the exact tax rates are still under discussion, the market reacted immediately, nickel prices on the London Metal Exchange rose by approximately 2–3% intraday, reaching around USD 17,300/ton. This move is less about a single price spike and more about a structural shift in the global ni

The Structural Squeeze on Europe's Stainless Steel Industry March 2026 Europe's stainless steel industry is entering a critical phase — not driven by demand collapse, but by policy convergence. Carbon pricing, trade protection, and supply constraints are no longer operating independently. They are compounding. And the result is a structural squeeze across the entire value chain. 1. Carbon Cost Is No Longer a Signal, It's a Burden The EU Emissions Trading System (ETS) was desi

A Positive Signal for Indonesia's Global Steel Competitiveness According to Indonesian media reports on January 18, 2026, Indonesia's Minister of Trade, Budi Santoso, confirmed that Turkey officially terminated its anti-dumping investigation into Indonesian cold-rolled stainless steel products on December 27, 2025. No trade defense or safeguard measures were imposed on Indonesian exports. Minister Budi noted that this outcome reflects the steadily improving competitiveness an

Most base metals in London edged higher, while nickel ore prices, both domestic and international, remained largely unchanged. Nickel pig iron, however, continued to move up. What really shifted sentiment last week was the statement from Indonesia's Energy and Mineral Resources Minister, Bahlil Lahadalia. The ministry is still recalculating the 2026 nickel ore mining quota and indicated it may be adjusted in line with actual industry demand. This was seen as a mild softening

Nickel has abruptly re-entered the spotlight in early 2026. In less than three weeks, three-month nickel prices on the London Metal Exchange (LME) rebounded more than 26%, breaking above USD 18,000/mt, the highest level in nearly 15 months. This move is not driven by sentiment. It is the market pricing policy uncertainty and supply risk. Supply Tightness Is No Longer Theoretical PT Vale Indonesia has confirmed a temporary suspension of mining operations in parts of Indonesia

On November 20, 2025, according to multiple foreign media reports, the EU's CBAM Committee officially released a draft of provisional benchmark values for goods yesterday. The benchmark values for stainless steel products highlight strict restrictions on high-carbon emission production processes. The draft shows that the carbon emission benchmark for the blast furnace-converter process is approximately five times that of the scrap steel-electric furnace process, a significant