[SMM Nickel Midday Review] On July 23, Nickel Prices Continued to Strengthen, and Indonesia's Central Bank Paused Interest Rate Hikes, Maintaining the Benchmark Rate at 5.75%

Published: Jul 23, 2026 11:43

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SMM Nickel July 23 News:

Macro and Market News:

(1) Indonesia's central bank announced on the 22nd that it kept its benchmark interest rate unchanged at 5.75%. This was the first pause after cumulative rate hikes totaling 100 basis points over the previous two months.

(2) Trump: If Iran attacks ships in the Strait of Hormuz, the US will destroy its bridges or power plants; Iranian military: If the US follows through on its threats, Iran will cut off all oil flows in the Gulf region and strike the region's oil, natural gas, electricity, and economic infrastructure.

Spot Market:

On July 23, the SMM #1 refined nickel average price was 132,550 yuan/mt, up 1,350 yuan/mt from the previous trading day. Regarding spot premiums, the average premium for Jinchuan #1 refined nickel was 1,450 yuan/mt, down 50 yuan/mt from the previous trading day. The premium range for mainstream domestic brands of electrodeposited nickel was -300-500 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2609) continued to strengthen in the morning session, and as of the morning close it was at 132,450 yuan/mt, up 1.05%.

Base metals strengthened collectively, with funds buying undervalued varieties on dips, pushing nickel prices into a phase of valuation recovery. Meanwhile, SHFE nickel futures drifted higher amid news of Indonesian quotas.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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