Indonesian MHP Nickel Prices Rise, Cobalt Falls on August 26

US-Canada trade negotiations collapsed on August 21, leaving Canadian steel and aluminum subject to the existing 50% Section 232 tariffs and dashing market expectations of any tariff relief. The newly imposed 50% tariffs cover products including alcohol, dairy, furniture, and certain apparel, but do not extend to steel or aluminum. With the high tariff barrier remaining in place, Canadian steel and aluminum will continue to face significant headwinds in accessing the US market; South Korean steel has already largely displaced Canada's market share, a trend expected to continue.

According to Russian Government Decree No. 1059 dated August 21, 2026, amending Government Decree No. 785 dated June 25, 2026 (on the introduction of a temporary ban on the export of certain types of sulphur from the Russian Federation), the key provisions are as follows: New Exemption: The temporary ban does not apply to low-grade technical sulphur (grade 7000), classified under EAEU HS codes 2503 00 100 0 and 2503 00 900 0. Export Quota: Exports of the above category shall not exceed 300,000 tonnes. Licensing Requirement: Exports are permitted only on the basis of a permit issued by the Ministry of Industry and Trade of the Russian Federation. Enforcement Basis: For the purpose of applying the temporary ban, the EAEU HS code shall be the sole criterion; the product name is provided for reference only. Effective Date: This decree enters into force on the date of its official publication. Beyond this newly added exemption, the temporary ban on sulphur exports from Russia remains in full effect.

According to SMM data, on August 26, the average price of SMM battery-grade nickel sulphate fell by 60 yuan/mt from the previous day.