Nickel ore inventory at national ports decreased by 340,000 wmt from December 27 to 8.596 million wmt

[9.1 Morning Meeting Minutes] Fed Chairman Warsh: Inflation data do not show significant improvement in the trend; the Fed's primary focus at present should be prices; we must be convinced that underlying inflation is moving toward the target, otherwise we still have work to do. It is difficult to describe financial conditions as restrictive. Market pricing shows that the probability of a Fed rate hike in September is higher than the probability of keeping rates unchanged. The most-traded SHFE nickel 2610 contract continued to consolidate at lows in early trading, closing the morning session at 126,750 yuan/mt, down 1.13%. Rising expectations for US Fed interest rate hikes, a stronger US dollar, high inventory, and weak demand are creating multiple pressures. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 126,000-131,000 yuan/mt.

The European Union has formally clarified the documentary requirements for identifying the “melt and pour country” of imported steel products. From October 1, 2026, importers will be required to declare and substantiate where the original steel was first melted and poured, generally through a Mill Test Certificate containing the melt and pour country and heat number.

Since August, the SMM battery-grade nickel sulphate CIF China price generally remained around $3,700/wmt, while after entering the late month, Chinese buyers' purchase inquiries for South Korean nickel sulphate increased significantly, and their purchasing initiative strengthened. However, this change did not yet translate into a clear recovery in ternary downstream demand. Whether the market could continue to improve in the future still depended on whether relevant inquiries could be converted into actual transactions, and whether there was a substantial rebound in the production of precursors and cathode materials in China and South Korea.