SMM Nickel July 1 Daily Report: Macro and Market News: (1) US Fed's Hammack: Inflation remains too high and a rate hike may need to be considered; interest rate futures show the probability of a US Fed September rate hike has risen to 80%. (2) Middle East situation—① Iranian Foreign Ministry: "has basically no plan to hold any level of meeting with the US side" in the coming days. Talks with mediator Qatar on implementing the US-Iran agreement may be held in Doha on July 1, with topics including the release of unfrozen assets. Spot market: On July 1, SMM #1 refined nickel prices rose by 300 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,950 yuan/mt, up 150 yuan/mt from the previous trading day, and the range for mainstream China electrodeposited nickel brands was -400 to 400 yuan/mt. Futures market: The most-traded SHFE nickel contract (2609) plunged in early trading before recovering slightly, and stood at 125,600 yuan/mt by the morning close, down 0.61%. A stronger US dollar and market expectations shifting toward a "hawkish" Fed policy kept the macro environment challenging, and markets focused on this week's US ADP and non-farm payrolls data, with nickel prices expected to be in the doldrums in the 125,000-135,000 yuan/mt range in the near term.

July 1, SMM #1 refined nickel price rose by 300 yuan/mt from the previous trading day. In spot premiums, Jinchuan #1 refined nickel averaged 1,950 yuan/mt, up 150 yuan/mt from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands were -400-400 yuan/mt.

On June 30, the SMM battery-grade nickel sulphate average price edged lower.

On June 30, the SMM #1 refined nickel price fell 4,100 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,800 yuan/mt, up 200 yuan/mt from the previous trading day; the premium for mainstream domestic electrodeposited nickel ranged from -400 to 400 yuan/mt.

SMM Nickel, June 30 News: Macro and Market News: (1) Data from the National Bureau of Statistics (NBS) showed that in June, the manufacturing PMI was 50.3%, up 0.3 percentage points from the previous month, returning to expansion territory; the non-manufacturing business activity index and the composite PMI output index stood at 50.2% and 50.6%, respectively, both up 0.1 percentage point from the previous month, indicating a rebound in China's economic prosperity. (2) Despite US President Trump insisting that a new round of talks between the US and Iran would be held in Doha, Qatar on Tuesday following recent hostilities, Iran denied, stating that there were no plans for any negotiations with the US in the coming days. Meanwhile, Iran again emphasized its control over the Strait of Hormuz on Monday. Spot Market: On June 30, the price of SMM #1 refined nickel fell by 4,100 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 1,800 yuan/mt, up 200 yuan/mt from the previous trading day, while the range for mainstream domestic brands of electrodeposited nickel was -400 to 400 yuan/mt. Futures Market: The most-traded SHFE nickel contract (2609) plunged sharply in the night session, further approached the 124,000 yuan level in the morning session before rebounding, and closed the morning session at 126,800 yuan/mt, down 1.80%. July is about to enter a key period for quota supplement and revision applications, with inventory pressure remaining the core contradiction. The supply of refined nickel is ample and inventories are difficult to digest, with domestic and international refined nickel stocks still at high levels and a slow destocking speed. In the short term, nickel prices are expected to trade in a range of 125,000-135,000 yuan/mt, remaining in the doldrums.

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

[SMM Daily Review: Steel Scrap and Refined Nickel Have Cost-Effectiveness Advantage; Ferronickel Purchasing Demand Weak] On June 29, SMM high-grade NPI upstream sentiment factor was 2.4, down 0.04 MoM, and high-grade NPI downstream sentiment factor was 1.77, down 0.02 MoM.

As of now, the Indonesian MHP nickel FOB price is $15,627/mt Ni, and the Indonesian MHP cobalt FOB price is $51,505/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) is 81.5-82.5, and the MHP cobalt element payable indicator (against SMM refined cobalt, Rotterdam warehouse) is 97. The Indonesian high-grade nickel matte FOB price is $15,712/mt Ni.

On June 29, the SMM battery-grade nickel sulphate average price dipped slightly.