[SMM Nickel Midday Review] On August 7, nickel prices rebounded due to the ESDM statement, with US Fed officials expecting persistent inflation, leaning toward rate hikes

Published: Aug 7, 2026 11:33

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SMM Nickel News, August 7:

Macro and Market News:

(1) US Fed's Musalem expects the likelihood of inflation persistently staying above target to increase, and he leaned toward a rate hike at the most recent FOMC meeting.

(2) Middle East situation—① Trump said a deal on the Strait of Hormuz has not been reached, the strait is somewhat open, and the war with Iran will end soon. ② Iran is advancing a bill on passage rules for the Strait of Hormuz that would ban ships from the US, Israel, and other hostile nations from transiting the Strait of Hormuz.

Spot market:

On August 7, SMM #1 refined nickel averaged 129,900 yuan/mt, down 1,550 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel spot premium averaged 1,300 yuan/mt, up 300 yuan/mt from the previous trading day, while premiums for mainstream domestic electrodeposited nickel brands ranged from -200 to 400 yuan/mt.

Futures market:

The most-traded SHFE nickel 2609 contract rebounded in early trading, and as of the morning close, it reported at 130,020 yuan/mt, up 0.44%.

Indonesia's ESDM minister stated that no RKAB quotas have been approved, and nickel prices rebounded in response. Currently, nickel prices are heavily influenced by the quota, swinging wildly in the short term. Going forward, the magnitude of supplementary quotas from other miners needs to be watched.

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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