This week, the intermediate nickel product market experienced low activity, with prices for MHP and high-grade nickel matte declining.

[Environmental Protection Impact in the North, Galvanizing Operating Rates Weakened]: This week, the operating rate of galvanizing recorded 56.08%, down 2.31 percentage points WoW. In terms of raw material inventory, the zinc price center dropped back slightly at the beginning of the week, and enterprises in the north restocked slightly. However, due to environmental protection impacts, the delivery time of zinc ingots to plants was affected, while zinc ingot inventory in east China was relatively tight. Galvanizing enterprises in east China mainly made just-in-time procurement, and the shipment pace was slow. Overall, zinc ingot inventory declined.

[Environmental protection impacts consumption, market transactions weaken]: Spot premiums in the Tianjin area rose this week, up about 50 yuan/mt WoW. As of this Friday, domestic standard brands were quoted at premiums of around 0–40 yuan/mt against the 2601 contract, while premium brands were quoted at premiums of around 50–90 yuan/mt against the 2601 contract. The Tianjin market was quoted at a discount of about 10 yuan/mt against the Shanghai market.

On December 19, the SMM battery-grade nickel sulphate index price was 27,112 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,380-27,480 yuan/mt, and the average price remained stable compared to the previous day.

[ SMM Tin Noon Review: The most-traded SHFE tin contract hovers at highs Spot market transactions stall ]

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 470–350 yuan/mt, with an average discount of 410 yuan/mt, down 50 yuan/mt from the previous trading day. Transaction prices ranged from 91,880 to 92,320 yuan/mt, with an average of 92,100 yuan/mt, up 80 yuan/mt from the previous trading day.