LME Nickel to Move at Highs (2017-5-22)

Italy's steel market has gradually resumed after the summer break, though demand remains weak with geopolitical tensions and high energy costs continuing to weigh on sentiment. In stainless flat steel, July saw weak shipments and prices; while H1 price increases were achieved on the back of tighter import availability, distributors struggled to pass costs downstream, keeping margins under pressure. Alloy surcharges for 304 and 316 grades have been raised for September, but the post-summer period will provide a key test for European mills' higher-price strategy as weak consumption and elevated inventories could limit the market's ability to absorb further increases. Stainless tubular and long products continue to face difficulties, while stainless flats have shown better value resilience on recovering average prices. From October 1, importers must document the melt-and-pour country of origin for imported steel.

[9.9 Morning Meeting Notes] Oil prices hit a six-week high as Middle East supply risks intensify. Saudi Aramco oil facilities were attacked on Monday, compounded by weekend mutual attacks on oil tankers between the US and Iran and Iran's warning that it would establish a "restricted zone" outside the Strait of Hormuz. WTI closed up 1.33% at $92.7/bbl, and Brent rose 1.37% to $95.79/bbl. The OPEC+ meeting on Sunday maintained the October production policy unchanged. US stock and Treasury spot markets were closed for the Labor Day holiday. The most-traded SHFE nickel 2610 contract opened lower and moved downward in early trading, closing the morning session at 127,180 yuan/mt, down 0.55%. Nickel prices remain dominated by high inventory and weak demand fundamentals, with cost support providing a floor. Market sentiment is cautious ahead of the US August CPI release on Friday. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 126,000-130,000 yuan/mt.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 Sep , 2026