[SMM Nickel Flash] July 30 news: According to SMM, several transactions were concluded in the high-grade NPI market, breaking the days-long stalemate. The trading price range was 1,155-1,160 yuan/nickel unit, on an EXW port basis, with nickel content between 10.5% and 11.5%. The total trading volume exceeded 10,000 mt, for delivery in August.

[7.29 Morning Meeting Minutes] The US Fed is scheduled to announce its interest rate decision at 2 a.m. Beijing time on Thursday, and Fed Chairman Warsh will hold a press conference as usual at 2:30 a.m., which has been dubbed by the industry as the most unpredictable Fed decision. The most-traded SHFE nickel contract (2609) plunged sharply in the night session, with prices gradually rebounding in the morning session before closing at 131,660 yuan/mt, up 0.08%. The short-term trading range for the most-traded SHFE nickel contract (NI2609) is expected to be 128,000-135,000 yuan/mt.

[SMM Nickel Flash] On July 29, fixed-price actual orders for high-grade NPI remain scarce, with market transactions generally based on a premium/discount negotiation model. Premiums for mainstream supply have edged down from earlier levels, but upstream and downstream price levels remain difficult to match. Bearish sentiment persists on the demand side, and the market remains cautious about the outlook for August.

[SMM Nickel Flash] July 29 news, SMM high-grade NPI market sentiment factor was 1.98, flat MoM, the upstream sentiment factor for high-grade NPI was 2, flat MoM, and the downstream sentiment factor for high-grade NPI was 1.95, flat MoM. Today, the tug-of-war atmosphere in the spot high-grade NPI market continued.

[SMM Nickel Express] July 28 news: The high-grade NPI spot market continued its stalemate game pattern, with overall trading mediocre and actual transaction deals scarce. The price spread divergence between upstream and downstream persisted, and the market showed a divergent feature of weak spot and strong forward. Some cargoes were affected by disruptions, leading to shipment delays, which slowed down the release pace of spot circulation in the short term, providing phased support for spot prices.

[SMM Nickel Flash] July 28 - SMM high-grade NPI market sentiment factor was 1.98, down 0.02 MoM; high-grade NPI upstream sentiment factor was 2.00, down 0.03 MoM; high-grade NPI downstream sentiment factor was 1.95, down 0.02 MoM.

[7.28 Morning Meeting Minutes] On July 24, Trump ordered a suspension of airstrikes on Iran (following 13 consecutive nights of strikes), primarily due to the depletion of air defense interceptor reserves and to leave room for diplomatic negotiations. Iran announced a suspension of reciprocal strikes on the 26th. Brent crude oil plunged 5% at Monday's open to around $92, and WTI fell to around $84.70. The most-traded SHFE nickel 2609 contract fell in morning trading, closing at 132,170 yuan/mt, down 0.42%. The US-Iran conflict has pressed pause, crude oil prices dropped significantly, and as sulfur cost support weakened, nickel prices pulled back. The US Fed will hold its July FOMC meeting on July 29, and the market widely expects interest rates to remain unchanged, easing macro pressure. The most-traded SHFE nickel contract is expected to trade in a core range of 130,000-137,000 yuan/mt in the near term.

[SMM Nickel Flash] On July 27, the high-grade NPI demand side, some large steel mills had ample stockpiling earlier, with raw material inventories sufficient to support forward production, thus having no proactive procurement needs in the short term. Steel mills prefer to negotiate cargoes at parity, making it hard to match suppliers' premium offers. Although there is a market consensus on bottom support, with a widely held view that deep downside room is limited, procurement enthusiasm remains subdued during the off-season.

[SMM Nickel Flash] July 27 – SMM high-grade NPI market sentiment factor stood at 2, down 0.03 MoM. The high-grade NPI upstream sentiment factor was 2.03, down 0.06 MoM, while the downstream sentiment factor was 1.97, flat MoM. Today, the high-grade NPI spot market remained in a stalemate, with spot transactions sluggish, fixed-price firm orders scarce, and trading mostly revolving around average price plus premiums. Disagreement between upstream and downstream over the premium magnitude persisted.

[7.27 Morning Briefing] The central bank announced that, to maintain ample liquidity in the banking system, on July 24, 2026, the People's Bank of China conducted 500 billion yuan of MLF operations with a 1-year tenor via fixed quantity, interest rate tender, and multiple price bidding. The most-traded SHFE nickel contract (2609) plunged during the night session, but rebounded slightly by the morning close to 132,610 yuan/mt, up 0.2%. Nickel inventories have continued destocking recently, supporting a rebound in nickel prices; meanwhile, the US-Iran conflict and the evolving situation in the Strait of Hormuz have once again raised concerns over sulfur supply disruptions, and nickel prices are holding up well in the short term.