July 12 spot price of SMM nickel: SMM1# electrolytic nickel rose $/ ton

China’s rare earth mining and smelting/separation quotas stood at 168,000 mt and 162,000 mt respectively in 2021, according to the Ministry of Natural Resources (MNR) and the Ministry of Industry and Information Technology (MIIT).

The average price of Ni 1.5% Philippine laterite nickel ore stood at $82/wmt last week, flat on the week.

This is a roundup of news in the steel industry for last week.

The profits of the mining and raw material manufacturing industry increased by 1.84-fold and 39.6% year-on-year, respectively, in August, which were well above the average level of industries above designated size, said Zhu Hong, a senior statistician at the Department of Industry of the National Bureau of Statistics (NBS).

SHFE nickel prices are expected to fluctuate between 141,000-148,000 yuan/mt, and LME nickel prices are expected to move between $18,800-19,600/mt this week.

The average price of SMM 8-12% high-grade NPI was 1,390 yuan/mtu (ex-factory including tax) as of August 20

SMM believes that the current increment of the tungsten ore mining quotas is the highest over the past three years.

SHFE nonferrous metals broadly fell on Thursday December 31 as multiple markets closed early for New Year's Eve.

Shanghai base metals mostly cruised lower on Tuesday morning, while their counterparts on the LME rose for the most part as market sentiment was boosted after Trump signed into law the $2.3 trillion pandemic aid and spending package.

Nonferrous metals on the SHFE were mostly higher on Wednesday morning, while their counterparts on the LME also advanced for the most part.