[SMM Nickel Midday Review] Nickel Prices Rebound Sharply on August 24, Iran Approves Charging Service Fees for Vessels Passing Through the Strait of Hormuz

SMM nickel news on August 24:

Macro and Market News:

(1) Trump: Solving the $4 trillion U.S. debt problem relies on growth, no instruction to Bessent to intervene in the bond market.

(2) Iran's parliamentary committee approved charging service fees to ships passing through the Strait of Hormuz, the bill still awaits full vote; Iranian media reported that Iran decided to allow some Iraqi oil tankers to pass through the Strait of Hormuz.

Spot Market:

On August 24, SMM #1 refined nickel average price was 131,450 yuan/mt, up 1,850 yuan/mt from the previous trading day. In terms of spot premiums, Jinchuan #1 refined nickel average was 1,550 yuan/mt, flat from the previous trading day, while China mainstream brand electrodeposited nickel range was -100 to 500 yuan/mt.

Futures Market:

The most-traded SHFE nickel contract (2609) strengthened in early trading, closing the morning session at 129,910 yuan/mt, down 0.63%.

The release of expectations for Indonesia's quota supply and high inventory formed pressure, but a weaker US dollar and cost support provided floor support. In the short term, the most-traded SHFE nickel contract price range is expected to be 127,000-132,000 yuan/mt.