Group 1 - Nickel prices in Shanghai experienced slight fluctuations, with the main contract closing down by 0.3% at 119,830 yuan per ton, amid increased domestic supply of nickel elements due to significant rises in imports of nickel ore, nickel iron, and refined nickel in July [1] - The price of Philippine nickel ore remained stable, with CIF prices for NI1.3% at $41-$43 per wet ton, NI1.4% at $49-$51 per wet ton, and NI1.5% at $56-$58 per wet ton, despite unfavorable shipping conditions due to rain [1] - Downstream enterprises have increased procurement as nickel prices slightly declined, with stable trading in refined nickel spot markets, while stainless steel demand remains weak despite production cuts in June and July [1] Group 2 - The current contradictions in the nickel industry are concentrated in the stainless steel market, with the cost transmission path from "stainless steel-nickel ore-primary nickel" determining the cost center for primary nickel [2] - After a recovery to around 13,000, stainless steel prices have continued to decline, leading to renewed pessimism in market sentiment, with ongoing inventory and supply pressures [2] - Future demand for stainless steel during the traditional peak season remains uncertain, with a focus on the shipping pace of leading steel mills, and nickel prices are expected to lack short-term drivers, maintaining a weak outlook overall [2]

Group 1 - The core point of the article highlights a significant increase in China's zinc ore and concentrate imports in July, with a month-on-month growth of 51.97% and a year-on-year increase of 37.65% [1] - Australia showed the most notable increase in supply, with a staggering 242% rise to approximately 118,780 tons [1] - Peru and South Africa also experienced substantial supply increases, both exceeding 30% on a month-on-month basis [1] Group 2 - The overall supply of zinc ore is becoming more abundant, leading to a recovery in processing fees for both domestic and imported zinc concentrates [1] - As a result of improved processing fees, smelter profits are favorable, which in turn boosts production enthusiasm among smelters [1]

Group 1 - Blue Moon Metals has secured at least $140 million in financing from Hartree Partners and Oaktree Capital for the early engineering of the Nussir copper project in Norway [1] - The financing includes a $25 million bridge loan, a $50 million senior secured term loan, and $70 million in precious metal streams [1] - The Nussir copper project is designated as a strategic critical raw materials project by the EU, aiming for production by September 2027 [1] Group 2 - The feasibility study published in 2023 estimates that underground operations at the Nussir copper mine will cost approximately $330 million, with a mining life of about 25 years [1] - The expected annual production of copper concentrate is around 25,000 tons, along with by-products such as silver [1] - The estimated cash production cost during the mine's lifespan is $1.38 per pound, placing it at the lower end of the industry cost range, with a total sustaining cost of approximately $1.60 per pound [1] Group 3 - The Nussir deposit has a copper grade of 1.01%, a silver grade of 14.6 grams per ton, and a gold grade of 0.14 grams per ton [2]

Group 1 - The core point of the article highlights that China's refined copper imports in July amounted to 336,000 tons, showing a month-on-month decrease of 0.32% but a year-on-year increase of 12.05% [1] - The Democratic Republic of the Congo remains the largest supplier of refined copper to China, with a supply volume of 142,800 tons, reflecting a month-on-month increase of 20.72% and a year-on-year increase of 20% [1] - Russia is the second-largest supplier, providing 30,600 tons, which represents a month-on-month decrease of 32.25% but a year-on-year increase of 20.76% [1] Group 2 - The article notes that the import losses have narrowed in July, indicating that China's refined copper imports are still at a relatively high level for the year [1]

Core Insights - In July, China's refined copper exports reached 118,398 tons, representing a nearly 50% month-on-month increase and exceeding the levels from the same period last year [1] - Speculation regarding the U.S. copper tariff policy, expected to take effect on August 1, created strong export motivation among domestic smelters before the end of July [1] - Following the U.S. announcement of copper import tariffs, the scope was much narrower than market expectations, leading to a significant drop in COMEX copper prices and disrupting the underlying logic of global copper inflow to the U.S. [1]

Group 1 - The core point of the article highlights that China's copper scrap imports in July reached 183,200 tons, showing a month-on-month increase of 3.73% but a year-on-year decrease of 1.98% [2] - Japan, Thailand, and South Korea have significantly increased their supply, with Japan's shipments rising over 40% month-on-month to 36,100 tons, surpassing Thailand to become the largest supplier [2] - Imports from the United States continue to decline, remaining below 1,000 tons due to tariff policies and price comparisons [2]

Group 1: Inventory Changes - Copper inventory remains unchanged at 156,350 tons, with a registered warrant of 145,000 tons and a cancellation of 11,350 tons, resulting in a cancellation ratio of 7.26% [1][4] - Aluminum inventory also remains stable at 479,525 tons, with a registered warrant of 465,475 tons and a cancellation of 14,050 tons, leading to a cancellation ratio of 2.93% [2][5] - Zinc inventory decreased by 1,875 tons to 69,375 tons, with a registered warrant of 42,925 tons and a cancellation of 26,450 tons, resulting in a cancellation ratio of 38.13% [1][9] - Nickel inventory increased by 252 tons to 209,598 tons, with a registered warrant of 201,624 tons and a cancellation of 7,974 tons, leading to a cancellation ratio of 3.80% [1][13] - Tin inventory increased by 25 tons to 1,740 tons, with a registered warrant of 1,640 tons and a cancellation of 100 tons, resulting in a cancellation ratio of 5.75% [1][11] Group 2: Regional Inventory Insights - In Rotterdam, copper inventory remains at 21,500 tons, with a registered warrant of 20,600 tons and a cancellation of 900 tons, leading to a cancellation ratio of 4.19% [4] - Singapore shows a significant increase in aluminum cancellations, with a cancellation ratio of 93.49% from a registered warrant of 3,950 tons [5] - Zinc inventory in Singapore also reflects a decrease, with a cancellation ratio of 38.15% from a registered warrant of 26,425 tons [9] - The inventory in Kaohsiung for aluminum remains stable at 45,300 tons, with no changes in registered or cancelled warrants [5] - The inventory in Hamburg for aluminum remains unchanged at 3,075 tons, with no registered or cancelled warrants [5]

Core Insights - China's nickel ore and concentrate imports in July 2025 reached 5,005,763.89 tons, reflecting a month-on-month increase of 15.44% and a year-on-year increase of 45.29% [1] Import Data Summary - The Philippines remains the largest supplier, with imports of 4,682,115.993 tons, showing a month-on-month increase of 15.78% and a year-on-year increase of 44.88% [1] - New Caledonia is the second-largest supplier, with imports of 140,674.665 tons, marking a significant month-on-month increase of 205.54% [1] - Côte d'Ivoire saw a decrease in imports by 30.40% month-on-month, but a year-on-year increase of 101.66%, with imports totaling 79,197.40 tons [1] - Guatemala's imports increased by 8.15% month-on-month and 19.24% year-on-year, totaling 66,031.51 tons [1] - Russia experienced a month-on-month increase of 201.28% but a year-on-year decrease of 38.47%, with imports at 13,791.63 tons [1] - Australia saw a month-on-month increase of 5.63% but a year-on-year decrease of 10.59%, with imports totaling 11,128.37 tons [1] - Vietnam's imports increased by 2.52%, totaling 10,598.17 tons [1] - Tanzania's imports surged by 62.84% month-on-month and 565.65% year-on-year, totaling 2,215.67 tons [1] - Ethiopia's imports were recorded at 10.48 tons, with no comparative data available [1] - Overall, the total imports for July 2025 were 5,005,763.89 tons, with a month-on-month increase of 15.44% and a year-on-year increase of 45.29% [1]

Core Insights - China's imports of unrefined nickel in July 2025 reached 38,234.015 tons, marking a month-on-month increase of 122.09% and a year-on-year increase of 744.03% [1] - Russia remains the largest supplier, with imports from Russia amounting to 17,744.956 tons, reflecting a month-on-month increase of 403.05% and a year-on-year increase of 1776.25% [1] Import Data Summary - **Russia**: 17,744.96 tons, month-on-month increase of 403.05%, year-on-year increase of 1776.25% [1] - **China**: 8,334.25 tons, month-on-month increase of 34.25% [1] - **India**: 5,993.42 tons, month-on-month increase of 109.32%, year-on-year increase of 321.35% [1] - **Norway**: 2,480.66 tons, month-on-month increase of 35.45%, year-on-year increase of 1532.01% [1] - **Finland**: 985.08 tons, month-on-month increase of 2362.69%, year-on-year increase of 277.30% [1] - **Japan**: 725.62 tons, month-on-month increase of 25.23%, year-on-year increase of 17.15% [1] - **Canada**: 480.01 tons, month-on-month decrease of 27.27%, year-on-year increase of 34.08% [1] - **United Kingdom**: 220.00 tons, month-on-month increase of 83.33%, year-on-year decrease of 1.33% [1] - **Vietnam**: 49.28 tons [1] - **Belgium**: 18.00 tons, month-on-month increase of 5.88%, year-on-year decrease of 30.77% [1] - **Australia**: 2.51 tons, month-on-month decrease of 85.91%, year-on-year decrease of 99.11% [1] - **Total**: 38,234.02 tons, month-on-month increase of 122.09%, year-on-year increase of 744.03% [1]

Import Data - In July 2025, China's refined nickel imports reached 38,234.015 tons, representing a month-on-month increase of 122.09% and a year-on-year increase of 744.03% [1] - From January to July 2025, the cumulative import volume of refined nickel was 132,829.17 tons, an increase of 86,911 tons year-on-year, with a growth rate of 189.27% [1] - The primary sources of this increase were Russia, Finland, and Indonesia, with a significant amount of domestic nickel plates being exported back but remaining in bonded zones [1] Export Data - In July 2025, China's refined nickel exports totaled 15,545.572 tons, a month-on-month increase of 5,403 tons, or 53.27%, and a year-on-year increase of 515 tons, or 3.43% [3] - From January to July 2025, the cumulative export volume of refined nickel was 104,276.609 tons, which is an increase of 45,752 tons year-on-year, with a growth rate of 78.18% [3] - The main export destinations for domestic refined nickel were South Korea and Singapore, with July exports to South Korea accounting for 6,294.887 tons (69%) and to Singapore 2,053.822 tons (14%) [3] - The net import of refined nickel in July was 22,688 tons [3]