[SMM Nickel Express] August 4 – In the high-grade NPI market today, the divergence between bulls and bears widened. The futures rally fueled the sentiment to hold spot prices firm, with some enterprises raising their offer prices, and bullish sentiment emerged.

[SMM Titanium Spot Flash: Titanium Concentrates Oversupply Pattern Unchanged, Weak Market Continues] SMM August 4: The mainstream 46% titanium concentrate was quoted at 1,250 yuan/mt today. Low-priced imported ore continued to impact, Panxi associated supply passively increased, while real estate chain demand remained sluggish, and downstream buyers were on the sidelines, delaying purchases. Short-term prices continued to be under pressure.

In July 2026, TiO₂ prices fell by RMB 1,900/mt from early-month levels, with inventories rising 23.26% MoM despite a slight output drop. Sponge titanium prices declined by RMB 3,000/mt, as output grew 5.45% MoM and demand remained weak. Export momentum softened amid summer lulls and stricter controls. Both markets are expected to stay under pressure in the near term, with a bearish near-term outlook.

Today,the DCE iron ore futures showed weakness today. The most-traded DCE I2609 contract closed at 699.5 yuan/mt, down 0.43% from the previous trading session. Spot prices at Qingdao Port rose by 4–9 yuan/mt from the prior trading day. Traders offered actively, steel mills purchased mainly on a need-to basis, and overall spot trading was moderate.

Summary: August 4: H200 actual transactions at 115,000–125,000 yuan/unit, with a cargo owner confirming a 130,000 yuan/unit deal; a batch quote of 256 units at 135,000 yuan/unit questioned as self-circular reselling; 128 units low-price long-term agreements (98,000/96,000 + intermediary) questioned as fraudulent; high-end computing power procurement converges with bulk commodity trading, as false supply information disrupts the market; construction warming up for 5090 reference design and Pro 6000D; unclear penalty and deposit rules for futures contract breaches draw attention; a computing power company confirms no more leasable resources.

Today, iron ore futures trend was sluggish. The most-traded DCE I2609 contract closed at 699.5 yuan/mt, down 0.43% from the previous trading session. Spot iron ore prices at Qingdao Port rose by 4–9 yuan/mt from the previous trading day. Traders were actively offering, while steel mills’ procurement was mainly need-based, and overall spot trading was moderate. Fundamental side, iron ore demand saw a slight short-term recovery. According to SMM statistics, this week (Aug 1 – Aug 7), the hot metal impact from blast furnace maintenance was 1.3736 million mt, down 112,200 mt WoW. Next week (Aug 8 – Aug 14), the hot metal impact from blast furnace maintenance is expected to be 1.4252 million mt, up 51,600 mt WoW. Against the narrative of recovering demand, support for iron ore prices strengthened. Short-term iron ore prices may primarily move sideways.