Canada has approved Canada Nickel Company’s Crawford Nickel Project in Ontario, clearing a key regulatory hurdle ahead of construction. The company targets a final investment decision (FID) in 2027, with the project requiring around CAD 5 billion (US$3.6 billion) investment, a 41-year mine life, and 240,000 t/day ore processing capacity. Crawford is expected to become the largest nickel sulphide project in the Western world and North America’s only primary chromium source, supporting critical supply chains for batteries, stainless steel and defense industries. We believe the approval is bullish for the long-term Western nickel supply chain, providing a potential low-carbon nickel alternative for Western countries.

[SMM Nickel Express] August 4 – In the high-grade NPI market today, the divergence between bulls and bears widened. The futures rally fueled the sentiment to hold spot prices firm, with some enterprises raising their offer prices, and bullish sentiment emerged.

[SMM Nickel Express] August 4 – The SMM high-grade NPI market sentiment index stood at 2.01, up 0.03 MoM. The upstream sentiment index for high-grade NPI was 2.09, up 0.05 MoM, and the downstream sentiment index for high-grade NPI was 1.92, flat MoM.

Prices for AISI 304 stainless steel cold-rolled coils edged higher across Asian markets, supported by upstream mill price hikes and increased spot market activity, with cost factors underpinning prices despite sluggish end-buyer demand. Chinese export offers rose approximately US$30/ton week-on-week, driven primarily by climbing raw material costs and improved procurement from Southeast Asia. However, elevated domestic inventory in China continued to exert downward pressure on spot prices. On the raw materials front, Indonesian NPI prices edged up largely due to new export inspection regulations implemented by Indonesian customs, which have disrupted the flow of nickel product exports.

[SMM Stainless Steel Daily Review] SS Futures Center Moves Up, Spot Stainless Steel Market Sentiment Recovers According to SMM news on August 4, SS futures shot up and probed higher overall. Near the close of the night session, driven by fund operations, SHFE nickel and SS futures shot up quickly. Although SS pulled back briefly at the morning open, it had risen significantly overall. At the close, the most-traded SS contract settled at 14,470 yuan/mt. Spot market, buoyed by the rally in SS futures, traders for stainless steel agents raised their quotes even as steel mill spot guidance prices held steady. Market activity picked up and inquiry and transaction performance was moderate. The most-traded SS futures contract: at 10:15 AM, SS2609 was at 14,870 yuan/mt, up 345 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi were in the 200–550 yuan/mt range. In the spot market, average prices: Wuxi cold-rolled 201/2B coil stable; cold-rolled raw edge 304/2B coil (Wuxi up 50 yuan/mt, Foshan up 75 yuan/mt); Wuxi cold-rolled 316L/2B coil flat; hot-rolled 316L/NO.1 coil quote flat in Wuxi; cold-rolled 430/2B coil flat in both Wuxi and Foshan. This week, macro sentiment turned bearish and dominated metals market trends, and stainless steel futures consolidated on a subdued note under overall pressure. The US Fed left interest rates unchanged at its meeting this week as expected, but its overall tone was hawkish. Commodity valuations came under broad pressure, and the nonferrous metals sector weakened across the board. Dragged down by the contagion of macro headwinds, SS futures...

To all relevant organizations: As the new round of global technological revolution and industrial transformation advances in depth, the non-ferrous metal processing industry is embracing critical opportunities for high-quality development. As a vital basic industry for the national economy, innovation in non-ferrous metal processing technologies and equipment upgrades hold great significance for driving the high-end, intelligent, and green development of the manufacturing sector. With its abundant mineral resources, solid industrial foundation, and unique regional advantages, West China has become a key cluster for the country’s non-ferrous metal processing industry, and the pace of technological innovation and industrial upgrading continues to accelerate. Against this backdrop, the "2026 China Mid-West Non-Ferrous Metal Industry Equipment and Technology Expo" will be grandly held at the Gansu International Convention and Exhibition Center from October 30 to November 1, 2026. Themed "Innovation-driven, Smart Future, Green Empowerment," this expo will focus on cutting-edge technologies, advanced equipment, and industry trends in the non-ferrous metal processing sector, aiming to create a high-level platform integrating technical exchanges, achievement displays, and business cooperation. The event will comprehensively showcase the latest achievements in non-ferrous metal smelting, intensive processing, intelligent manufacturing, energy conservation, and environmental protection, bringing together industry experts, enterprise leaders, and research institution representatives to jointly explore new paths and opportunities for industrial development. As a major industrial base in north-west China and a key period along the Belt and Road, Gansu is actively promoting the high-end, clustered, and green transformation of the non-ferrous metals industry. The hosting of this expo will not only inject new momentum into the high-quality development of the non-ferrous metal industry in the north-west region but also provide an important opportunity for industry peers from China and overseas to deepen cooperation and share a prosperous future. We sincerely invite experts, scholars, enterprise representatives, and industry peers from home and abroad in the non-ferrous metal processing sector to gather in Jincheng Lanzhou, jointly explore technological innovation, share development opportunities, and contribute to the transformation, upgrading, and sustainable development of China's non-ferrous metal processing industry. The Expo is scheduled for October 30 – November 1, 2026 at the Gansu International Convention and Exhibition Center. Relevant matters are hereby notified as follows: I. Expo Theme Green Smart Manufacturing · Innovation-driven · Coordinated Development II. Date and Venue Date: October 30 – November 1, 2026 Venue: Gansu International Convention and Exhibition Center III. Organizational Structure Organizers: Gansu Provincial Society for Metals Shaanxi Provincial Society for Metals Shanxi Provincial Society for Metals Henan Provincial Society for Metals Sichuan Provincial Society for Metals Gansu Provincial Mining Federation Co-organizers: Northwest Research Institute of Mining and Metallurgy Baiyin Nonferrous Group Co., Ltd. Jiuquan Iron and Steel (Group) Co., Ltd. Jinchuan Group Co., Ltd. Supporters: Lanzhou Engineering & Research Institute of Nonferrous Metallurgy Co., Ltd. Gansu Provincial Nonferrous Metals Geological Exploration Bureau Lanzhou University of Technology Chalco Lanzhou Aluminum Co., Ltd. Gansu Ferroalloy Association Jinhui Mining Co., Ltd. IV. Concurrent Events: 2026 China Mid-West Aluminum Industry Expo 2026 China Mid-West Casting & Die Casting, Forging, Heat Treatment & Industrial Furnace Expo V. Exhibition Scope: Non-ferrous metal raw materials: Nickel, vanadium, titanium, chromium, tungsten, copper, aluminum, magnesium, zinc, lead, manganese, zirconium, molybdenum, silicon, antimony, tin, tantalum, indium, and other non-ferrous metal ore products and raw materials, magnetic materials, rare and rare-earth materials, precious metal materials, and various alloy materials; Non-ferrous metal products: Copper products (tubes, sheets & plates, sheets, bars, strips, flats and their alloy products, etc.); aluminum products (aluminum alloy profiles, tubes, bars, sheets & plates, strips, foils, aluminum sheets, aluminum ingots, etc.); titanium alloy products; magnesium alloy products; powder metallurgy products, etc.; Non-ferrous metal mining technology and equipment: Non-ferrous mining exploration, extraction, and beneficiation equipment, filtration equipment, powder processing equipment, construction and transportation equipment, etc.; Non-ferrous metal smelting technology and equipment: Smelting furnaces, refining equipment, smelting pumps and valves, filtration equipment, conveying equipment, heat exchange equipment, gas-based acid production equipment, corrosion-resistant equipment, hydrometallurgy, electrolysis equipment, large power rectifier power supply, electrolytic cells, extraction equipment, etc.; Non-ferrous metal processing technology and equipment: Melting, heating, hot and cold rolling, extrusion, drawing, straightening, shearing, casting equipment, etc.; Non-ferrous metal environmental protection equipment: Recycling equipment, energy-saving and emission-reduction equipment; Non-ferrous metal automation control equipment: Instruments and meters, packaging equipment, surface treatment equipment, etc.; Auxiliary materials for non-ferrous metal production: Chemicals, solvents, refractory materials, catalysts, gases, lubricants, etc. VI. Event Arrangements (I) Opening Ceremony: Speeches by leaders and guests; exhibition tour. (II) Theme Forums: 1. Forum on the Green Transformation Pathway for the Metallurgical Industry Under the "Dual Carbon" Goals 2. Forum on Smart Factories Empowering Metal Processing Upgrades 3. Application of Digital Twin Technology in Smelting/Casting/Heat Treatment Processes 4. Building the Non-Ferrous Metal Supply Chain Along the Belt and Road 5. Frontier Forum on Green, Low-Carbon, and Intelligent Smelting 6. Focusing on Technological Innovation and Intelligent Upgrading in the Metallurgical Industry Under the "Dual Carbon" Goals (III) Expo Exhibition Setup: October 28–29, 2026 Exhibition Dates: October 30 – November 1, 2026 Venue: Gansu International Convention and Exhibition Center VII. Participants The China Mid-West Non-Ferrous Metal Industry Equipment and Technology Expo, centered on "high-end, green, and regionalized" themes, will precisely invite large smelters, equipment manufacturers and technology suppliers, experts and scholars from universities and research institutes, professionals focused on new materials, new processes, and new technologies for non-ferrous metals, aerospace and national defense sectors, automotive and rail transit, construction and home furnishings, local government agencies, industry associations, and chambers of commerce, enterprises involved in aluminum semis import and export trade, as well as logistics, warehousing, and supply chain management companies. Covering multiple sectors such as equipment manufacturers, research institutions, end-use applications, government bodies, and trade service providers, this will form a diverse group of professional attendees and promote industry exchange and cooperation. VIII. Publicity and Promotion Before, during, and after the event, publicity and coverage will be carried out through platforms such as the official website, official account, Baidu promotion, WeChat Video, Douyin, Kuaishou, Weibo, Xiaohongshu, and Zhihu. The expo’s opening ceremony is planned to be widely promoted via a full live broadcast on the Video platform.

[SMM Rare Earth Flash] The Indonesian Presidential Office stated that exports of mineral products potentially containing associated rare earth elements have been resumed, and clarified that the rare earth export ban applies only to rare earths exported as primary products, not to associated rare earths in mineral products such as bauxite, alumina, copper cathode, and nickel derivatives. Indonesian Presidential Chief of Staff Dudung Abdurachman said that the policy serves as a transitional guideline for exporters, inspection agencies, and customs authorities, and will ease export delays previously caused by mandatory rare earth detection. PT Sucofindo, responsible for the detection, will gradually release 85 previously delayed inspection reports involving exports of alumina, copper cathode, and nickel derivatives, which is expected to prompt the resumption of shipments for over a hundred stranded vessels. The Indonesian government will further establish limits for associated rare earth content, detection standards, and inspection procedures.

SMM August 4 news: Metals market: As of the midday close, domestic base metals almost all rose. SHFE copper rose 0.91%, SHFE aluminum rose 1%. SHFE lead rose 0.23%. SHFE zinc fell 0.58%. SHFE tin rose 0.81%. SHFE nickel rose 1.55%. In addition, the most-traded cast aluminum futures rose 0.58%, the most-traded alumina futures rose 0.38%. The most-traded lithium carbonate futures rose 1.07%. The most-traded silicon metal futures rose 0.36%. The most-traded polysilicon futures rose 1.4%. Ferrous metals mostly rose. Iron ore was flat at 702.5 yuan/mt, rebar edged up, while hot-rolled coil edged down. Stainless steel rose 2.06%. Coking coal and coke: the most-traded coking coal contract rose 1.91%, and the most-traded coke contract rose 0.85%. Overseas base metals market, as of 11:41, LME metals all rose. LME copper rose 0.77%, LME aluminum rose 0.56%, LME lead rose 0.80%, LME zinc rose 0.61%. LME tin rose 0.77%. LME nickel rose 0.81%. Precious metals: as of 11:41, COMEX gold rose 0.54%, COMEX silver rose 1.87%. Domestic precious metals: SHFE gold rose 0.35%, the most-traded SHFE silver futures rose 1.64%. Additionally, as of the midday close, the most-traded platinum futures edged up, and the most-traded palladium futures fell 0.54%. As of the midday close, the most-traded European freight futures contract rose 3.19% to 1,843 points. As of 11:41, August 4, some futures midday market quotes: Spot and fundamentals Zinc: In Tianjin market, #0 zinc ingot were mainly traded at 24,760-24,950 yuan/mt, Zijin was traded at 24,880-25,010 yuan/mt, and #1 zinc ingot were mainly traded at around 24,760-24,870 yuan/mt. Zijin was quoted at a premium of around 0-30 yuan/mt against the 2609 contract, Huxin was quoted at 26,220 yuan/mt, #0 zinc ingot was quoted at a discount of around 30-120 yuan/mt against the 2609 contract, and Tianjin market was quoted at a discount of around 110 yuan/mt against Shanghai market. Macro front Domestic: [State Administration for Market Regulation: 20 places including Beijing, Shanghai, etc., designated as national trade secret protection innovation pilot sites] The General Office of the State Administration for Market Regulation issued a notice on promoting typical experiences and practices of national trade secret protection innovation pilot sites. Among them, Beijing Haidian District, Beijing Tongzhou District, Tianjin Binhai High-tech Zone, Shanghai Pudong New Area, Shanghai Fengxian District, Jiangsu Nanjing, Jiangsu Wuxi, Jiangsu Suzhou, Zhejiang Hangzhou, Zhejiang Ningbo, Zhejiang Wenzhou, Anhui Hefei, Fujian Xiamen Haicang District, Hubei Wuhan, Hunan Changsha, Guangdong Guangzhou, Guangdong Shenzhen, Guangdong Foshan, Chongqing Jiangjin District, Sichuan Chengdu Wuhou District were identified as the first batch of national trade secret protection innovation pilot sites. ()Market Regulation Administration [PBOC Net Withdraws 559 Billion Yuan from Open Market Today] PBOC conducted 46.5 billion yuan 7-day reverse repo operations, with an operation rate of 1.40%, unchanged from the previous session. Today, 605.5 billion yuan reverse repos matured. [Shenzhen New Home Sales Up Over 30% YoY in July] According to data from Shenzhen's real estate information platform, the city's new commercial housing sales totaled 3,773 units in July, down 35.2% MoM but up 19.3% YoY; among these, residential sales were 2,664 units, down 6.8% MoM but up 32.5% YoY. Looking at a longer period, new home sales from January to July totaled 35,104 units, a slight 0.7% YoY increase; of these, residential sales totaled 21,935 units, down 10.6% YoY, with the decline narrowing compared with H1. (JIN10 APP) On the US dollar: As of 11:41, the US dollar index rose 0.05% to 100.01. The July US manufacturing PMI data showed strong demand, surging output, and accelerated hiring, marking the fastest expansion in over four years, which to some extent offset the interest rate cut expectations driven by declining oil prices, leaving overall market rate hike expectations relatively unchanged. According to CME FedWatch, the market priced in a 64.5% probability of at least a 25-basis-point rate hike by the Fed in September. (Wall Street CN) (JIN10 APP) Data from the Institute for Supply Management (ISM) showed that the US ISM manufacturing PMI registered 55.6 in July, the highest level since May 2022. A reading above 50 indicates sector expansion, and the industry has remained above that threshold for seven consecutive months. The production index rose to 58.5, the highest since the end of 2021, while the employment gauge indicated that manufacturers added workers for the first time since September 2023. New orders — a signal of demand — also rebounded. Manufacturing momentum has been strong this year, with factories benefiting from solid consumer demand, robust business investment, and government spending on national defense. All but one manufacturing industry reported growth in July, including printing, apparel, and electrical equipment. The only sector reporting contraction was chemical products. Fed’s Williams said he remains optimistic that inflationary pressures will gradually ease, but if that does not happen, the Fed will not hesitate to raise interest rates to ensure price pressures return to target. In an interview with Reuters last Friday, Williams said that if energy prices and trade tariffs have peaked and the economy maintains solid momentum, "I think some of the main factors that have pushed up inflation over the past year and a half will no longer play such a large role, and the disinflationary forces we observed earlier should reemerge."He added: "I am watching very closely what happens to core inflation measures over the coming months, whether that is consistent with inflation trending down to 2% and continuing to move lower, so that we achieve that sustained 2% inflation goal over the longer run by 2028." He also stated: "My own forecast is that inflation will come down somewhat in H2 this year and pull back further next year." Williams reiterated that the current monetary policy stance is "well positioned" to bring inflation back to the target. However, he noted: "If we are not on a path to bring inflation down to 2%... then it would be entirely appropriate to take action to get us back on a path to 2% inflation." (Jin10 Data APP) In terms of data: Today, the US June trade balance, US June JOLTS job openings, US June factory orders MoM, and other figures will be released. Items to watch: SpaceX announces Q2 2026 results; FMS 2026 Flash Memory Summit takes place from August 4-6, with Samsung, SK, and other storage giants in attendance. In terms of crude oil: As of 11:41, both crude benchmarks were up, with WTI rising 0.73% and Brent gaining 1.16%. With the outlook for US-Iran negotiations uncertain and market concerns over supply disruptions persisting, oil prices rebounded after the previous session's plunge. Shipping tracking data shows that six empty Saudi-flagged supertankers changed course in the Gulf of Aden in recent days, heading toward southern Africa. One of them is destined for Gibraltar. On August 3, the six tankers were sailing in formation in the high seas off the coast of Somalia. (Jin10 Data APP) Spot market at a glance: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

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.

Indonesian stainless slab moving through a trade-measure gap, not summer shutdowns, explains why European stainless scrap weakened while Asian stainless scrap rose between the mid-July low and 3rd August.