[SMM steel mill guidance price] the spot daily guidance price of Wuxi Taiyuan Iron and Steel Co., Ltd. on July 28th is the same as that of yesterday.

Due to the conflict in the Middle East, shipping through the Strait of Hormuz has been disrupted, raising the risk of tighter global sulphur supplies. Indonesia relies on the Middle East for around 75% of its sulphur imports, and sulphur is a key raw material for producing sulphuric acid, which is essential for leaching metals in nickel and copper processing. Analysts note that sulphur inventories at Indonesia’s HPAL nickel plants typically cover only one to two months of consumption. If transport disruptions persist, some plants may be forced to cut production as early as next month. Overall, if shipping disruptions in the Middle East continue for more than a few weeks, production and demand for related metals may need to slow.

[SMM Nickel Flash] After the holiday, refined nickel prices pulled back, while high-grade NPI prices remained elevated, and the average discount of high-grade NPI versus refined nickel narrowed to 336.7 yuan/nickel unit. High-grade NPI prices are expected to still have upside room next week, while refined nickel prices are expected to decline MoM. The average discount of high-grade NPI versus refined nickel is expected to continue narrowing; however, supported by new energy orders, the conversion of NPI to high-grade nickel matte still has momentum.