[SMM Nickel Midday Review] On August 26, nickel prices edged up, and Iran said the Strait of Hormuz will not be reopened immediately.

Published: Aug 26, 2026 15:17

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SMM Nickel August 26 News:

Macro and Market News:

(1) Iran said the Strait of Hormuz will not open immediately, Oman agreed to close the southern waterway of Hormuz, and the two also issued a joint statement, planning to establish a mutually agreed safe maritime passage in the Strait of Hormuz.

(2) Shanghai: Expand the trading scale of key metal categories such as copper and aluminum, and accelerate the improvement of the futures variety sequence for emerging metals such as lithium, cobalt, and nickel.

Spot Market:

On August 26, the average price of SMM #1 refined nickel was 130,250 yuan/mt, up 450 yuan/mt from the previous trading day. In terms of spot premiums, the average of Jinchuan #1 refined nickel was 1,600 yuan/mt, up 50 yuan/mt from the previous trading day, and the domestic mainstream brand electrodeposited nickel ranged from 0-500 yuan/mt.

Futures Market:

The most-traded SHFE nickel 2610 contract moved sideways in early trading, closing at 129,310 yuan/mt, down 0.27%.

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