SMM nickel August 4 news: Macro and Market News: (1) Today, the People's Bank of China conducted a 500 billion yuan outright reverse repo operation with a fixed quantity, rate tender, and multiple-price bidding method, for a term of 3 months (92 days), maturing on November 5, 2026 (postponed in case of holidays). (2) Iranian Foreign Ministry spokesperson Baghaei said on the 4th that Iran is still in negotiations with Oman over the Strait of Hormuz, and the talks have made "positive progress" at both technical and political levels. Spot Market: On August 5, the average price of SMM #1 refined nickel was 130,650 yuan/mt, down 2,750 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,150 yuan/mt, unchanged from the previous trading day, while mainstream domestic brands of electrodeposited nickel ranged from -200 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel 2609 contract plunged in the night session and continued to decline in the morning session, closing the morning session at 130,810 yuan/mt, down 0.78%. Expectations for a potential reopening of the Strait of Hormuz following progress in US-Iran negotiations have led to a pullback in sulfur forward prices, with signs of easing on the cost side. Additionally, there are expectations of further relaxation in Indonesia's RKAB supplementary quotas. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 128,000-135,000 yuan/mt.

On August 5, the SMM average price of battery-grade nickel sulphate slightly decreased.

High ore costs, tight spot availability and weak stainless demand pin China's benchmark NPI index inside a RMB 7/nickel-point range in July, before an Indonesian policy jolt lifts it to a monthly high of RMB 1,129.5.

As of now, the Indonesia MHP nickel FOB price stood at $15,348/mt Ni, and the Indonesia MHP cobalt FOB price was $49,311/mt Co. The MHP payables for SMM battery-grade nickel sulphate index were 85-86%, while the MHP cobalt element payable indicator for SMM refined cobalt (Rotterdam warehouse) was 92%. The Indonesia high-grade nickel matte FOB price was $15,731/mt Ni.

SMM Nickel News, August 4: Macro and Market News: (1) The US and Iran give conflicting accounts of negotiations: Trump insists talks with Iran are underway, divided into two phases—separate discussions on the Strait of Hormuz reopening and denuclearization—and claims the strait will reopen by August 4 at the latest; Iran denies talks with the US, stating it is only advancing related negotiations with Oman. (2) US Fed's Williams: Optimistic that inflationary pressures will gradually ease. The Fed will act to achieve price stability if inflation does not return to the 2% path as expected. Spot Market: On August 4, the average price of SMM #1 refined nickel was 133,400 yuan/mt, up 2,000 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,150 yuan/mt, flat from the previous trading day, and the range for mainstream domestic brands of electrodeposited nickel was -300 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2609) surged in early trading, closing the morning session at 132,650 yuan/mt, up 1.55%. Nickel prices rallied sharply today, driven by market rumors of quota tightening as the period enters a critical phase for approving Indonesia's supplementary RKAB nickel ore quotas. Indonesia's Minister of Energy and Mineral Resources, Bahlil Lahadalia, stated on August 3 that the government will implement a "measured relaxation" of the RKAB, with additional quotas expected to be released gradually while maintaining the market supply-demand balance. The most-traded SHFE nickel contract is expected to trade in the 128,000-135,000 yuan/mt range in the near term.

On August 4, the SMM battery-grade nickel sulphate average price remained stable.