Nickel prices rebounded this week. The most-traded SHFE nickel contract (NI2509) opened at 119,510 yuan/mt at the beginning of the week and closed at 121,180 yuan/mt on Friday, with a weekly gain of +1%. The latest quote for LME nickel was $15,150/mt, with a weekly gain of 0.87%. In the spot market, the average price of SMM #1 refined nickel this week was 121,870 yuan/mt, up 1,300 yuan/mt week-on-week. The premium for Jinchuan nickel remained stable at 2,100-2,400 yuan/mt, while the premium range for mainstream electrodeposited nickel in China remained stable at -100-300 yuan/mt this week. Spot trading volume remained low, with weak downstream demand and low purchase willingness.

The market activity of hydrometallurgy intermediate products has recovered, and prices have continued to strengthen.

As of now, the FOB price of Indonesian MHP nickel is $12,516/mt Ni (metal content), and the FOB price of Indonesian MHP cobalt is $21,277/mt (metal content) of refined cobalt.

On August 8, the SMM battery-grade nickel sulphate index price was 27,212 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,190-27,690 yuan/mt, and the average price remaining unchanged from yesterday.

In July 2025, the average discount of high-grade NPI to refined nickel was 309.13 yuan per mtu, an increase of 28.59 yuan per mtu compared to the previous month. During the same period, the price spread between the two fluctuated within a range, but the magnitude of fluctuation increased, while the price of refined nickel exhibited a trend of being in the doldrums. From a macro perspective, with the introduction of China's "anti-rat race" competition policies, the market received positive signals, driving a rebound and correction in non-ferrous metal prices. Although the price of refined nickel also followed this trend and rebounded, its increase was relatively limited. From a fundamental perspective, domestic refined nickel production slightly increased in July.

As of now, the FOB price of Indonesian MHP nickel is $12,486/mt Ni (metal content), and the FOB price of Indonesian MHP cobalt is $21,278/mt (metal content) of refined cobalt.

[SMM Daily Review: High-grade NPI Quotations Remain Firm amid Supply-Demand Mismatch, Downstream Enterprises Exercise Caution] On August 7, the average price of SMM 10-12% high-grade NPI was 918.5 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day.

On August 7, the SMM battery-grade nickel sulphate index price was 27,202 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,190-27,690 yuan/mt, and the average price increased compared to yesterday.