Latest Update in the SMM Nickel Market

During the week, the SMM 8-12% NPI weekly average price was 987.1 yuan/mtu (ex-factory, tax included), up 14.3 yuan/mtu from a week ago. The Indonesian NPI FOB index rose 1.46% MoM to $1.7/mtu, with the price increase of NPI expanding this week. Supply side, domestically, current NPI production is running at a low level......

Recently, an important piece of news emerged from the Indonesian market: Indonesia will link the new nickel and tin tracking system with the mining quota monitoring system, once again bringing the Indonesian SIMBARA system into the industry's spotlight.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jul 26, 2024

Overnight, LME copper opened at $9,000/mt, dipping to $8,996.5/mt at the beginning of the session, then fluctuating upwards to a high of $9,169.5/mt, and closed at $9,091/mt, up 0.45%.

On July 25, Jinchuan nickel was quoted at a premium of 2,100-2,200 yuan/mt, with an average of 2,150 yuan/mt, an increase of 250 yuan/mt compared to the previous trading day.

In terms of imports: According to SMM statistics, China's stainless steel imports in June 2024 were 138,100 mt, down about 25.21% MoM, and up about 1.35% YoY. The total amount of stainless steel imported from Indonesia in June was about 108,000 mt (excluding stainless steel scrap imports), up about…

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jul 25, 2024

Nickel sulphate prices have been stable for nearly a month. How will prices move in the future?