March Imports and Exports of Hydrometallurgy Intermediate Products

Indonesia's major nickel-producing regions are expected to experience generally manageable weather conditions, with Central Sulawesi forecast to receive 25–50 mm of rainfall, Southeast Sulawesi 30–60 mm, and Morowali 30–45 mm, posing minimal disruption to mining and logistics. Halmahera is expected to remain the wettest region with 120–170 mm of rainfall, which may cause temporary interruptions to mining, hauling, and port operations during heavier showers. In the Philippines, Zambales is forecast to receive 90–130 mm of rainfall, increasing the risk of localized delays to mining and vessel loading, while Surigao is expected to receive a relatively lower 40–70 mm, allowing operations to remain largely unaffected. Overall, weather-related impacts on nickel ore supply are expected to remain limited, with only localized operational disruptions in the wetter regions.

[7.27 Morning Briefing] The central bank announced that, to maintain ample liquidity in the banking system, on July 24, 2026, the People's Bank of China conducted 500 billion yuan of MLF operations with a 1-year tenor via fixed quantity, interest rate tender, and multiple price bidding. The most-traded SHFE nickel contract (2609) plunged during the night session, but rebounded slightly by the morning close to 132,610 yuan/mt, up 0.2%. Nickel inventories have continued destocking recently, supporting a rebound in nickel prices; meanwhile, the US-Iran conflict and the evolving situation in the Strait of Hormuz have once again raised concerns over sulfur supply disruptions, and nickel prices are holding up well in the short term.