[SMM Nickel Midday Review] On August 18, nickel prices edged up slightly; in July, the value added of industrial enterprises above designated size increased by 4.5% YoY in real terms

Published: Aug 18, 2026 11:29

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SMM Nickel News, August 17:

Macro and market updates:

(1) National Bureau of Statistics: In July, value-added industrial output above the designated size rose 4.5% YoY in real terms; in first-tier cities, the MoM change in sales prices of newly built commercial residential housing shifted from a 0.1% increase in the previous month to flat.

(2) The National Development and Reform Commission (NDRC) deployed measures to accelerate the rollout of new-type policy-based financial instruments in 2026 and to step up support for private investment projects.

Spot market:

On August 18, the SMM average price of #1 refined nickel was 128,800 yuan/mt, down 800 yuan/mt from the previous trading day. For spot premiums, the average for Jinchuan #1 refined nickel was 1,400 yuan/mt, unchanged from the previous trading day, while the range for mainstream domestic brands of electrodeposited nickel was -100-400 yuan/mt.

Futures market:

The most-traded SHFE nickel contract (2609) moved sideways in a narrow range in early trading, and as of the early close it was quoted at 128,410 yuan/mt, up 0.19%.

Driven by factors including a mild cooling in the US July PPI and a further pullback in rate-hike expectations, base metals broadly rose, and nickel prices rebounded from last week’s lows. Expectations are that Indonesia’s nickel ore RKAB quotas will be looser, but sulfur prices still held at elevated levels above $1,000/mt, leaving cost support intact. 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.

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