As of now, the FOB price of Indonesian MHP nickel is $15,435/mt Ni, and that of Indonesian MHP cobalt is $49,252/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 85.5-86.5, and the MHP cobalt payable (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte is $15,820/mt Ni.

On July 27, the SMM battery-grade nickel sulphate average price saw a slight rise.

On July 27, the SMM #1 refined nickel average price was 133,000 yuan/mt, up 650 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,200 yuan/mt, down 250 yuan/mt from the previous trading day, and the range for China's mainstream brands of electrodeposited nickel was -400 to 500 yuan/mt.

SMM nickel July 27 news: Macro and market news: (1) Trump ordered a halt to airstrikes on Iran on July 24 (after 13 consecutive nights of strikes), mainly due to the depletion of air defense interceptor reserves and to leave room for diplomatic negotiations. Iran announced a suspension of reciprocal strikes on the 26th. Brent crude opened sharply lower on Monday, dropping 5% to around $92, while WTI fell to around $84.7. (2) Fed meeting on July 29: the market widely expects rates to remain unchanged at 3.50%-3.75%. Spot market: On July 27, the average price of SMM #1 refined nickel was 133,000 yuan/mt, up 650 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,200 yuan/mt, down 250 yuan/mt from the previous trading day, and the range for mainstream domestic brands of electrodeposited nickel was -400 to 500 yuan/mt. Futures market: The most-traded SHFE nickel contract (2609) fell in early trading, closing at 132,170 yuan/mt, down 0.42%. The US-Iran conflict hit a pause, crude oil prices fell sharply, the cost support logic from sulfur weakened, and nickel prices pulled back. The Fed’s July FOMC meeting will be held on July 29, and the market widely expects rates to remain unchanged, easing macro pressure. The core trading range of the most-traded SHFE nickel contract in the short term is expected to be 130,000-137,000 yuan/mt.

[7.27 Morning Briefing] The central bank announced that, to maintain ample liquidity in the banking system, on July 24, 2026, the People's Bank of China conducted 500 billion yuan of MLF operations with a 1-year tenor via fixed quantity, interest rate tender, and multiple price bidding. The most-traded SHFE nickel contract (2609) plunged during the night session, but rebounded slightly by the morning close to 132,610 yuan/mt, up 0.2%. Nickel inventories have continued destocking recently, supporting a rebound in nickel prices; meanwhile, the US-Iran conflict and the evolving situation in the Strait of Hormuz have once again raised concerns over sulfur supply disruptions, and nickel prices are holding up well in the short term.

Nickel prices extended their upward trend this week. The most-traded SHFE nickel contract posted a "five-day winning streak" on its daily chart, decisively breaking through the 133,000 yuan/mt level and holding above it, with a weekly gain of over 2%. LME nickel rose in tandem to $17,500/mt, hitting a near one-month high. The drivers behind the nickel price rally remained the "Indonesia export control policy + Strait of Hormuz sulfur crisis + continuous LME inventory destocking." In the spot market, the average price of SMM #1 refined nickel was 131,440 yuan/mt this week, up 2,250 yuan/mt WoW. The premium for Jinchuan refined nickel weakened continuously this week, falling to 1,500 yuan/mt, while mainstream electrodeposited nickel was quoted at a discount between -300 and -500 yuan/mt. As futures prices continued to rebound, downstream purchasing interest remained low and was limited to just-in-time procurement. Overall spot market transactions were relatively sluggish. On the macro front, geopolitical tensions remained elevated this week. The US military launched another strike on Iran, and President Trump stated he was "seriously considering" restarting large-scale combat operations against Iran. If the Strait of Hormuz remains blockaded, the difficulty of restoring Middle East sulfur supply will increase. Policy expectations for the US Fed's July FOMC meeting became clearer. The latest CME FedWatch Tool data showed a 65.3% probability of the Fed holding rates steady at the July meeting, versus a 34.7% chance of a 25bp hike, with a consensus forming for staying pat in July. The suppressive pressure from the macro front on non-ferrous metals marginally eased. Inventory side, as for inventories, Shanghai Bonded Zone inventory stood at around 1,700 mt this week, flat WoW. China's social inventory was about 130 kt, reflecting a buildup of approximately 1,800 mt WoW. LME's five consecutive days of destocking this week offered a positive signal, though absolute levels remained at historical highs. If the destocking trend persists, the foundation for a nickel price rebound will become more solid. The US-Iran conflict continues and could escalate, leaving sulfur supply risks in place, and the quantitative magnitude of supplementary RKAB quotas remains the key factor behind the subsequent nickel price trend. The core trading range for the most-traded SHFE nickel contract next week is expected to be 130,000-137,000 yuan/mt.