7 January 2026 – Indonesia’s announcement that it intends to restrict nickel ore mining continues to push nickel prices sharply higher today. Asian spot market prices for stainless steel are rising. EU steel tariffs: industry associations warn of massive competitive disadvantages.
Asian Nickel Prices Continue to Rise Sharply
As early as the end of 2025, Indonesia announced its intention to restrict nickel ore mining. This plan appears to remain high on the agenda of the Indonesian government and seems to be taken more seriously than before, according to recent media reports.
Nickel Prices Rise Again by Up to 8%
The reaction in Asian markets over recent weeks has reflected this development. After nickel prices had already risen significantly in recent days, prices jumped by a further up to 8% today. Overall, nickel prices on the SHFE have increased by more than 25% since the beginning of December 2025.
Asian Spot Market Prices for Stainless Steel Increase
This price surge is now also being reflected in Asian spot market prices for stainless steel. Prices for stainless steel grade 304 rose by up to 4.5% today, while grade 316L increased by around 3.9%.
EU Steel Tariffs: Industry Associations Warn of Massive Competitive Disadvantages
Ten major European industry associations issued a joint statement on 6 January 2026 sharply criticising the planned new EU steel safeguard measures. They warn of increasing protectionism in the European market and significant burdens for downstream manufacturing industries.
According to the associations, the measures threaten to noticeably weaken Europe’s industrial competitiveness. Nearly halved import quotas, punitive tariffs of up to 50%, and rising steel prices could impose additional annual costs of several billion euros on industry.
Small and medium-sized enterprises and specialised industrial sectors are seen as particularly at risk. Rising bureaucracy, especially due to new requirements for proof of origin, and restricted access to high-quality specialty steel could impair entire value chains. In combination with the introduction of the CO₂ tax CBAM, the associations warn of a dangerous wave of rising costs facing the European economy.
Steel Consumers Call for a Change of Course by the EU
Signatories to the statement include, among others, ACEA, APPLiA, CECE, CECIMO, CEIR, CEMA, FEC, Metal Packaging Europe, Orgalim, and Pneurop.
The associations are calling on EU lawmakers to give greater consideration to the interests of steel-consuming industries and to pursue a more balanced approach. Otherwise, they warn of a one-sided industrial policy that protects the steel sector while sustainably weakening key downstream industries.
It remains to be seen how strong resistance within the European economy will become once the cumulative impact of EU steel tariffs and the full implementation of CBAM becomes clear.
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