US to Block Iranian Ports, Impose 20% Fee on Shipments; May Manage Strait of Hormuz

As of now, the FOB price of Indonesian MHP nickel is $14,844/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,109/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 82-83, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,069/mt Ni.

US Fed Governor Waller: If core inflation runs hot again this week, the FOMC will have to consider tightening monetary policy in the near term.

[7.14 Morning Meeting Minutes] On the 12th local time, US President Trump said the US carried out “heavy strikes” on Iran the night before. Regarding the navigational status of the Strait of Hormuz, there are disagreements among various parties. Iran’s Persian Gulf Strait Authority posted on social media on the 12th, stating that the Strait of Hormuz is currently impassable. Trump, however, said, “As far as the US is concerned, the Strait of Hormuz is still open.” The most-traded SHFE nickel 2609 contract edged down in early trading, closing at 128,030 yuan/mt by the end of the early session, up 0.02%. Over the weekend, the US-Iran conflict took another turn. The simultaneous rise of the US dollar and crude oil weighed on metals, but Indonesia’s Ministry of Energy and Mineral Resources officially announced on July 10 that it will no longer raise the national nickel ore mining production quota overall. The increase will be very limited, with strict exception approval channels set only for domestic smelters facing severe raw material supply shortages. In the short term, nickel prices may rebound, with the most-traded SHFE nickel contract trading in a range of 127,000-133,000 yuan/mt.