[Tianjin Zinc: Zinc Prices Rose; Downstream Buyers Were Wary of High Prices and Purchased Cautiously] In the Tianjin market, mainstream transactions of #0 zinc ingot were at 25,660-25,920 yuan/mt; Zijin traded at 25,790-26,000 yuan/mt. #1 zinc ingot traded around 25,640-25,850 yuan/mt. Zijin quoted a premium of 30-40 yuan/mt against the 2609 contract; Huxin was quoted at 27,120 yuan/mt. #0 zinc ingot was quoted at a discount of 40-100 yuan/mt against the 2609 contract. Tianjin was quoted at a discount of around 55 yuan/mt versus Shanghai.

SMM Nickel News, August 17: Macro and Market News: (1) The State Administration of Foreign Exchange announced that in 2026 Q2, China recorded a current account surplus of 1,333.7 billion yuan, including a goods trade surplus of 1,906.5 billion yuan, a services trade deficit of 358.4 billion yuan, a primary income deficit of 257.2 billion yuan, and a secondary income surplus of 42.8 billion yuan. In 2026 H1, China recorded a current account surplus of 2,617.4 billion yuan. (2) The PBOC released financial data for July 2026. In the first seven months of 2026, the cumulative growth in aggregate financing to the real economy totaled 2.225 trillion yuan, down 174 billion yuan from the same period last year. At month-end July, the balance of broad money (M2) stood at 35.551 trillion yuan, up 7.7% YoY. Spot Market: On August 17, the average SMM price of #1 refined nickel was 129,600 yuan/mt, up 1,800 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,400 yuan/mt, flat from the previous trading day, while the range for China’s mainstream brands of electrodeposited nickel was -100-500 yuan/mt. Futures Market: After an early-session surge, the most-traded SHFE nickel contract (2609) fluctuated at highs, closing the morning session at 128,850 yuan/mt, up 1.0%. Driven by factors including a mild cooling in the US July PPI and a further pullback in rate-hike expectations, base metals posted broad gains, and nickel prices rebounded from last week’s lows. Expectations were that Indonesia’s nickel ore RKAB quotas would be looser, but sulfur prices still stayed high above $1,000/mt, leaving cost support intact. In the short term, the trading range for the most-traded SHFE nickel contract is expected to be 125,000-130,000 yuan/mt.

On August 17, the SMM average price of battery-grade nickel sulphate remained stable.

On August 17, the average SMM price of #1 refined nickel was 129,600 yuan/mt, up 1,800 yuan/mt from the previous trading day. Spot premiums, the average for Jinchuan #1 refined nickel was 1,400 yuan/mt, unchanged from the previous trading day, and the range for China’s mainstream brands of electrodeposited nickel was -100-500 yuan/mt.

[8.17 Morning Meeting Minutes] The overall increase in the US Producer Price Index (PPI) in July remained mild, indicating a further easing of inflationary pressures, and expectations for a US Fed interest rate hike in September cooled further. The most-traded SHFE nickel 2609 contract plunged sharply in early trading, closing the morning session at 127,300 yuan/mt, down 1.12%. The Indonesia Nickel Miners Association (APNI) recommended keeping the 2026 nickel ore RKAB at 270 million wmt and additionally setting a 30 million wmt strategic buffer, bringing the potential total quota to 300 million wmt. With expectations for looser RKAB quotas, nickel prices are expected to remain in the doldrums in the short term, and the trading range for the most-traded SHFE nickel contract is 125,000-130,000 yuan/mt.

Indonesian President Prabowo Subianto announced on August 14, in his address to parliament on the 2027 draft state budget, that Indonesia will launch a Strategic Minerals and Commodities Exchange (Bursa Mineral dan Komoditas Strategis) on January 1, 2027, under the supervision of financial regulator OJK. He framed it as the next stage of the single-window export policy, arguing prices for Indonesian palm oil, nickel, tin, coal and gold have long been set on overseas exchanges using benchmarks Indonesia did not create. The stated aim is to build an Indonesia Reference Price for major export commodities and a deeper, more transparent market with less room for manipulation. He asked parliament to pass the enabling rules quickly. SMM notes implementing rules and scope are not yet defined.