[SMM Nickel Midday Comment] On July 22, base metals collectively strengthened, and nickel prices rebounded and recovered.

Published: Jul 22, 2026 11:29

Save

SMM nickel July 22 news:

Macro and market news:

(1) Indonesian Finance Minister Purbaya, in a concluding speech during the bill debate on Tuesday, pointed out that the establishment of the Indonesian International Financial Center (Pusat Finansial Indonesia Internasional, or PFII) will attract foreign capital flows and sustainable investment portfolios, which will serve as a long-term financing source, expand the country's economic aggregate, and enable Indonesia's economy to grow faster.

(2) The US Trade Representative hinted that the US federal government will soon introduce a new tariff policy to replace the 10% global import tariff that is about to expire.

Spot market:

On July 22, the SMM #1 refined nickel average price was 131,200 yuan/mt, up 950 yuan/mt from the previous trading day. In terms of spot premiums, the Jinchuan #1 refined nickel average premium was 1,500 yuan/mt, down 150 yuan/mt from the previous trading day, and the domestic mainstream brand electrodeposited nickel range was -300 to 500 yuan/mt.

Futures market:

The most-traded SHFE nickel 2609 contract drifted higher in the morning session, closing at 131,860 yuan/mt by the end of the morning session, up 1.36%.

Base metals strengthened collectively, as funds bought undervalued varieties on dips, pushing nickel prices to undergo a phase of valuation repair. Meanwhile, nickel futures drifted higher on news about Indonesia quotas.

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

29 mins ago

Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Rises

According to SMM data, on July 22, the FOB price of Indonesian MHP nickel fell $14/mt Ni from yesterday, the FOB price of Indonesian MHP cobalt fell $858/mt Co, and the FOB price of Indonesian high-grade nickel matte rose $71/mt Ni.

29 mins ago

2 hours ago

[SMM Nickel Intermediate Product Daily Review] July 22, MHP Nickel and Cobalt Prices Decline, High-Grade Nickel Matte Nickel Price Rises

As of now, the FOB price of Indonesian MHP nickel is $15,259/mt Ni, the FOB price of Indonesian MHP cobalt is $49,340/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 84.5-85.5, MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 93. The FOB price of Indonesian high-grade nickel matte is $15,569/mt Ni.

2 hours ago

[SMM Nickel Flash News] Indonesia's RKAB Quota Policy Remains Key Driver for Nickel Market

APNI reported that Indonesia's domestic smelters consumed 120.6 million wmt of nickel ore during January–June 2026, equivalent to 46.2% of the 2026 RKAB quota of 260–270 million wmt, highlighting weaker downstream demand ahead of the 31 July RKAB revision deadline. At the same time, according to SMM, as the rainy season approaches in late Q3 and Q4, mining operations and ore transportation are expected to face disruptions, making it increasingly difficult for producers to fully utilize their RKAB allocations. Even if the quota is moderately increased to 280–300 million wmt, actual production may still fall short of the approved volume due to weather-related constraints. Furthermore, integrated smelters may still face ore supply deficits with limited alternative sources, as imports from the Philippines are expected to decline toward the end of the year. Therefore, the overall market outlook remains neutral to slightly bullish, depending on the outcome of the RKAB approvals, weather conditions, and import volumes.

2 hours ago