[SMM Nickel Midday Review] On July 21, nickel prices edged down, and Iran said the mediator proposed a 10-day US-Iran ceasefire.

Published: Jul 21, 2026 11:51

Save

SMM Nickel, July 21:

Macro and Market News:

(1) The CSRC held an investor symposium to solicit opinions and suggestions. Investor representatives suggested taking multiple measures to guide medium and long-term funds into the market and standardize the development of quantitative trading and AI applications.

(2) Iran stated that mediators proposed a 10-day ceasefire between the US and Iran to seek the resumption of implementation of the memorandum of understanding. Iran's Foreign Ministry confirmed receiving the mediators' proposal: possibly negotiating with the US based on national interests.

Spot Market:

On July 21, the average price of SMM #1 refined nickel was 130,250 yuan/mt, down 600 yuan/mt from the previous trading day. On the spot premiums side, the average Jinchuan #1 refined nickel premium was 1,650 yuan/mt, flat from the previous trading day, while the premium range for mainstream domestic brands of electrodeposited nickel was -300 to 500 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2609 contract fluctuated higher in morning trading, reporting 130,370 yuan/mt as of the morning close, up 0.09%.

As US-Iran tensions escalated, shipping through the Strait of Hormuz was restricted, and cost support from sulfur strengthened. However, refined nickel inventories remain difficult to digest, with both domestic and international inventories staying high and destocking progressing slowly. In the short term, the trading range for the most-traded SHFE nickel contract is expected to be 125,000-130,000 yuan/mt.

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

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Data: SHFE, DCE market movement (Aug 24)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Aug , 2026

1 hour ago

【SMM Nickel Flash】Philippines & China Weather Update (August 24, 2026)

Typhoon Saudel (locally Obet) entered the Philippine Area of Responsibility on August 24 and is moving west-northwestward, with potential impacts on the East China Sea and East China coast around August 26–27, though the track remains uncertain. For nickel logistics, Zambales/Sta. Cruz and Subic loading ports remain the key areas to watch, as heavy rain, strong winds and rough seas could cause short-term disruptions to ore loading and transportation. Surigao and other major nickel areas are expected to see limited impact. In mainland China, the East China Sea route and East China coastal ports should be monitored, as deteriorating sea conditions could temporarily affect vessel operations and port activities around August 26–27.

1 hour ago

2 hours ago

[SMM Nickel Flash News] Indonesia Update — August 24, 2026

Indonesian nickel ore CIF average prices remained unchanged across all three grades: 1.4% Ni: CIF average price at $53.3/wmt 1.5% Ni: CIF average price at $60.8/wmt 1.6% Ni: CIF average price at $65.8/wmt Indonesia Policy Update — August 24, 2026 The Indonesian nickel ore market remains in a wait-and-see period, with the market closely monitoring further RKAB approvals and potential quota adjustments. Meanwhile, the government has delayed the implementation of the planned windfall tax, while further details on the policy remain under discussion. Weather conditions across major nickel-producing regions remain generally manageable, although localized heavy rainfall could still cause temporary disruptions to mining and logistics. The market is also waiting for a potential revision to the HPM formula for limonite ore. Any changes to the pricing mechanism, particularly the treatment of associated metals and corrective factors, could affect limonite pricing and HPAL feedstock economics.

2 hours ago