The Shanghai Futures Exchange (SHFE) announced on June 29 that, in accordance with the SHFE Regulations on the Administration of Nonferrous Metal Delivery Commodities and other relevant regulations, and upon examination, it has officially approved the registration of “HUAYOU” brand refined nickel (electrodeposition process, Ni99.96) (Phase III) produced by Quzhou Huayou Cobalt New Material Co., Ltd., a subsidiary of Zhejiang Huayou Cobalt Co., Ltd., on the SHFE. According to the announcement, the registered capacity of this project is 50,000 mt, at standard pricing. From the date of the announcement, the above product can be used for delivery against the SHFE nickel futures contracts. Product information: Registered enterprise: Zhejiang Huayou Cobalt Co., Ltd. Manufacturing plant: Quzhou Huayou Cobalt New Material Co., Ltd. Place of origin: No. 18 Nianxin Road, High-tech Industrial Park (Phase II), Quzhou City, Zhejiang Province Product name: Refined nickel (Ni99.96, electrodeposition process) Registered trademark: HUAYOU

On June 29, the Shanghai Futures Exchange (SHFE) issued an announcement regarding the approval of the registration of “HUAYOU” brand refined nickel (electrodeposition process) (Phase III) produced by Zhejiang Huayou Cobalt Co., Ltd. The full text is as follows: Announcement on the Approval of the Registration of “HUAYOU” Brand Refined Nickel (Electrodeposition Process) (Phase III) of Zhejiang Huayou Cobalt Co., Ltd. Recently, the Exchange received the application materials submitted by Zhejiang Huayou Cobalt Co., Ltd. In accordance with the “SHFE Regulations on the Administration of Deliverable Commodities for Nonferrous Metals” and other relevant rules, and following review and deliberation: 1. Approval is granted for the “HUAYOU” brand refined nickel (electrodeposition process, Ni99.96) (Phase III) produced by Quzhou Huayou Cobalt New Material Co., Ltd., a subsidiary of Zhejiang Huayou Cobalt Co., Ltd., to be registered with the Exchange, with a registered capacity of 50,000 mt, and the standard price shall apply. 2. As of the date of this announcement, the above product may be used for physical delivery against the Exchange’s nickel futures contracts. Relevant product details are as follows: Registered Enterprise: Zhejiang Huayou Cobalt Co., Ltd. Production Plant: Quzhou Huayou Cobalt New Material Co., Ltd. Place of Origin: No. 18 Nianxin Road, High-tech Industrial Park (Phase II), Quzhou City, Zhejiang Province Product Name: Refined Nickel (Ni99.96, Electrodeposition Process) Registered Trademark: HUAYOU Product Marking: (as shown in the figure) Dimensions: Approximately 900*880*5 mm Block Weight: Approximately 45 kg Bundle Weight: Approximately 1,500 kg Each Delivery Unit (6 mt): Composed of approximately 4 bundles Packaging Material: Approximately 1×32 mm steel strip, with anti-rust surface treatment, four steel strips arranged in a “#” shape, two wooden supports placed under the bundle, firmly strapped. Applicable Standard: As required by the contract This announcement is hereby given. Shanghai Futures Exchange June 29, 2026

On June 22, 2026, Jilin Ji En Nickel Industry Co., Ltd. officially energized and commissioned its new electrodeposited nickel production line at its headquarters in Panshi City, Jilin Province. According to SMM, the newly commissioned electrodeposited nickel capacity is 5,000 mt/year. As a long-established nickel producer in China, Ji En Nickel’s “Ji En” brand refined nickel was registered on the Shanghai Futures Exchange (SHFE) in March 2015, making it one of the early nickel products in China to receive futures delivery brand certification. It completed registration on the London Metal Exchange (LME) at the end of 2025, becoming an LME-registered delivery brand.

SMM Weekly Stainless Steel Futures Review — week of June 15–18, 2026. A mid-week hawkish Fed turn capped an early rally, but supply tightening and firm mill pricing lifted the SHFE board RMB 355/mt on the week of June 15–19.

[Nickel Industries: ENC Project Expected to Produce MHP in July and Refined Nickel in August] On June 17, Nickel Industries provided an update on the operational status of its Indonesian projects. The commissioning of the Excelsior Nickel Cobalt HPAL (ENC) project is fully underway, with the limonite feed preparation plant having received its first ore in May. Next week, the acid plant will be ignited and the first of three autoclaves will be commissioned, after which the ore pipeline infrastructure will begin transporting the initial slurry between the Hengjaya Mine and the ENC smelter. The autoclave is expected to be fed in early July, and the smelter is anticipated to produce mixed hydroxide precipitate (MHP) in mid-July. The refinery’s leaching circuit will start commissioning in late June utilizing MHP inventory, and refined nickel is projected to become available in mid-August—enabling ENC’s refined nickel to be registered with the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE).

May high-grade NPI prices fell despite tighter costs, as nickel futures retreated, stainless margins weakened, and scrap regained its cost advantage. Indonesian policy and production-cut expectations built a floor, but weak downstream demand capped any rebound.