On August 14, the SMM battery-grade nickel sulphate average price declined.

On August 13, the SMM battery-grade nickel sulphate average price declined.

Published: Aug 11, 2026 - 11:44 PM (Kitco News) – China’s total gold consumption rose 1.23% in the first half of 2026, according to the latest data from the China Gold Association (CGA). Gold consumption in China came in at 511.41 tonnes in the first six months of the year, the CGA said, compared to 505.21 tonnes in H1 2025, with strong investment demand offsetting the still-sluggish jewelry sector. The association noted that the country's gold consumption patterns were in flux, as the combination of sharp price fluctuations above historically high levels and newly-implemented domestic gold tax policies impacted consumer purchasing habits. The impacts were most pronounced in jewelry and in investment, though for opposite reasons. Demand for gold jewelry plummeted 33.88% year-over-year to 132.13 tonnes, with consumers hesitant to make purchases amid soaring retail prices. On the other hand, burgeoning investment demand saw the consumption of gold bars and coins to 339.34 tonnes, an increase of 28.42%. The CGA said the periodic price pullbacks have served to repeatedly stimulate purchases of gold bars through domestic banking channels, even as persistently high gold prices have pushed up production costs for industrial enterprises, contributing to a 2.9% decline in industrial and other gold uses, which totaled 39.94% tonnes for the first six months of 2026. On the supply side, China's gold output from domestic raw materials dropped 14.62% year-over-year to 152.91 tonnes. The CGA attributed the decline to comprehensive safety inspections, rectifications and special environmental governance campaigns in key gold-producing provinces, which led to temporary production halts at some major gold mines. Gold produced from imported raw materials, however, rose 4.62% or 3.40 tonnes to 77.08 tonnes in H1. China produced a combined 229.99 tonnes of gold from both domestic and imported raw materials, a 9.01% decrease compared to the same period in 2025. In a recent interview with Kitco News, Willem Middelkoop, founder of the Commodity Discovery Fund and author of ‘The Big Reset’, said the government of China actually favors a lower gold price right now because it is still buying, and that the monetary "reset" he has forecast for over a decade is no longer a prediction but a process already underway. "A monetary reset is a more gradual process. It's not a binary event," Middelkoop said. "We're in the first innings." "China is a very active buyer of dips," Middelkoop said, adding that the same pattern holds in copper and oil. Asked about Chinese banks pulling retail access to the Shanghai Gold Exchange, Middelkoop said he read the move as China steering savers away from paper trading and toward physical metal, not as a crackdown. He said China has long run a dual strategy, citing a program he called "Storing Gold with the People" that he said appears in a Chinese publication from 2011 or 2012. "China understands it's all about owning the physical stuff in the end," he said. Major Chinese lenders including ICBC halted retail Shanghai Gold Exchange trading after the July 24 settlement, covering both spot and deferred contracts, according to bank notices and Chinese financial press. Source： https://www.kitco.com/news/article/2026-08-11/chinas-gold-consumption-rises-123-h1-jewelry-sales-slump-while-investment

As of now, the FOB price of Indonesian MHP nickel is $15,118/mt Ni, and the FOB price of Indonesian MHP cobalt is $46,621/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 82.5-83.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 88. The FOB price of Indonesian high-grade nickel matte is $15,541/mt Ni.

On August 11, the SMM battery-grade nickel sulphate average price slightly decreased.

Global chrome ore departures from major export ports totaled 717,000 mt in the week ended August 7, up 12.68% week-on-week, according to SMM's latest data. The increase was primarily driven by Maputo, which handled 496,200 mt, accounting for about 69% of total shipments. Richards Bay followed with 171,500 mt, while Mersin recorded 49,300 mt and Beira reported no chrome ore departures. The latest data also shows a notable shift in weekly flows. Maputo shipments increased from 389,300 mt in the previous week, while Richards Bay shipments eased from 180,400 mt and Mersin shipments declined from 66,600 mt. The stronger overall departures, led by Maputo, point to increased seaborne chrome ore flows from Southern Africa during the latest reporting week, with the port distribution highlighting the continued importance of Mozambique and South Africa's export corridors in global chrome ore supply.