Hanrui Cobalt Invests in Ganzhou Nickel Project, Aiming 40,000 mt Annual Output

A 7.9-magnitude earthquake struck off the southern coast of the Philippines’ Mindanao island on Monday morning (June 8th), triggering regional tsunami warnings but causing only limited, localized disruptions to nickel operations. SMM’s communication with local miners indicates that while one operator within the directly affected southern zone has temporarily suspended cargo loading bound for Indonesia due to the tsunami warning, the major producing hubs in the Surigao and others report no current impact, with production and shipping maintaining normal operations.

SMM understands that Abu Dhabi National Oil Company (ADNOC) has raised its June 2026 official selling price (OSP) for sulphur to $860/t FOB Ruwais for the Indian subcontinent market, up by $100/t from May. This marks the highest OSP on record, surpassing the previous peak seen in Q2 2008. The extreme supply tightness in the Middle East, driven by ongoing geopolitical disruptions, continues to underpin the bullish market sentiment. Other Middle East suppliers‘ June contract prices: QatarEnergy at $805/t FOB; Kuwait KPC at $805/t FOB.