Prices of nickel, NPI, and stainless steel experienced a notable rise in China recently. The Chinese Ministry of Finance has unveiled specific details regarding the set of measures that were announced. Additionally, India is contemplating the enforcement of higher quality standards for steel imports.

Chinese Financial Package Unveiled
Over the weekend, the Chinese Ministry of Finance elaborated on the newly introduced financial policy package. This initiative encompasses financial assistance aimed at further stabilizing the property market. With existing funds taken into account, the total amount is expected to exceed $320 billion US dollars (2.3 trillion yuan), and this financial aid is anticipated to be accessible within the following three months. The long-term implications of these measures are particularly noteworthy.

While reactions on Western markets have been somewhat mixed this Monday, China saw positive responses with gains of up to 2%, notably on the Shanghai Composite (SSEC) and Shanghai Shenzhen CSI 300 (CSI300) stock market indices. It is speculated that the Western markets may mirror this trend.

Upward Trend in Nickel, NPI, and Stainless Steel Prices
On Monday, nickel futures on the SHFE surged by as much as 0.7%. Concurrently, Chinese nickel pig iron (NPI) prices also saw an improvement of up to 0.35%. Additionally, prices of stainless steel (304/316L) continued to climb due to increased raw material expenses.

India's Consideration of Enhanced Steel Quality Standards
Reports suggest that the Indian government is contemplating the revision of its quality control regulations following an analysis by the Ministry of Steel in early October, revealing a surge in substandard steel imports.

Several months ago, India was embroiled in a significant scandal involving the importation of stainless steel facilitated by counterfeit Bureau of Indian Standards (BIS) certificates and Mill Test Certificates (MTC). This incident drew substantial criticism towards Indian customs authorities. Media outlets and market reports indicated that certain traders knowingly presented falsified documents to importers.

The anticipated strengthening of quality control regulations is viewed as a response to the unethical and illegal business practices of select traders who conduct business with India and other nations.