Shanghai nickel rallies on renewed concerns over Indonesia export ban

Published: Aug 5, 2019 13:59

Save

The SHFE 1910 contract hit a fresh 13-month high of 119,360 yuan/mt

SHANGHAI, Aug 5 (SMM) – Shanghai nickel prices jumped in the morning of Monday August 5, bolstered by renewed concerns over Indonesia’s export ban on nickel ore.

The most active October contract on the Shanghai Futures Exchange hit a fresh 13-month high of 119,360 yuan/mt this morning, above the highest level of 119,240 yuan/mt in the previous rally in early July.

Concerns about Indonesia’s export ban was rekindled by market talks that the country’s Minister of Energy and Mineral Resources (MEMR) has approved the ban on raw ore exports and that details about the decision will be announced on Monday August 5.

This means that Indonesia, a major source of nickel ore, will likely advance its export ban from the previously scheduled 2022.

Some Chinese nickel ore traders told SMM that they did hear of the market talks, but Indonesian miners such as Antam and Sambas said that they have yet to receive any notices.

Market commentary Nickel

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

7 mins ago

[SMM Analysis] Detailed Data on China's Sulphuric Acid Production in August

NBS data shows that China's sulphuric acid (100% equivalent) production in August was 7.984 million mt, down 308,000 mt from 7.676 million mt in July, a YoY decline of 15.5%. The cumulative production of sulphuric acid (100% equivalent) in 2026 was 68.141 million mt, a cumulative YoY decline of 4.6%.

7 mins ago

5 hours ago

[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August

In August 2026, China's total monthly sulphur imports were 272,323.414 mt in physical content, down 29.34% MoM and down 65.03% YoY, with the main import sources being the UAE, South Korea, Canada, Japan, Kazakhstan, Vietnam, Singapore, and the Philippines. China's total monthly sulphur exports were 48 mt in physical content, down 96.34% MoM and up 26.32% YoY, with the main export destinations being Indonesia and South Korea. China's total monthly sulphuric acid imports were 9,938.436 mt in physical content, up 831.85% MoM and up 1,051.37% YoY, with the main import sources being South Korea, Taiwan, China, Germany, and the US. China's total monthly sulphuric acid exports were 2,474.46 mt in physical content, up 153.47% MoM and down 99.43% YoY, with the main export destinations being Angola, Ghana, Cambodia, Hong Kong, China, Vietnam, Singapore, Malaysia, and Tanzania.

5 hours ago

[SMM Analysis] China Sulphur and Sulphuric Acid Import and Export Data for August

5 hours ago