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[SMM Nickel Midday Review] Nickel prices continued to rebound on August 7, with India about to face a 50% US tariff

iconAug 7, 2025 11:47
Source:SMM

SMM Nickel News on August 7:

Macro News:

(1) The White House announced that US President Trump signed an executive order imposing an additional 25% tariff on goods from India in response to India's continued "direct or indirect imports of Russian oil." The new tariffs announced on Wednesday will take effect in 21 days. Meanwhile, India also faces a 25% tariff rate in the upcoming "reciprocal tariff." This means that if the current situation persists, the world's fifth-largest economy will face a 50% US tariff.

(2) According to media reports, Indian Prime Minister Modi will visit China from August 31 to September 1 and attend the Tianjin Summit of the Shanghai Cooperation Organization. Starting from September 29, South Korea will implement a temporary visa-free policy for Chinese group tourists.

Spot Market:

Today, the SMM #1 refined nickel price is 120,800-123,500 yuan/mt, with an average price of 123,250 yuan/mt, up 50 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel is 2,100-2,400 yuan/mt, with an average premium of 2,250 yuan/mt, unchanged from the previous trading day. The spot premiums and discounts quotation range for electrodeposited nickel from mainstream domestic brands is -100-300 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2509 contract opened high in the night session, pulled back slightly in the daytime session, and then rallied again. As of the midday session, SHFE nickel was quoted at 121,490 yuan/mt, up 0.67%.

Weak US economic data and expectations for US Fed interest rate cuts have dominated market sentiment. Base metals are supported by loose liquidity but limited by weak demand. In the short term, nickel prices will oscillate amid the tug-of-war between weak fundamentals and macro sentiment support, with a price range of 119,000-123,000 yuan/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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