[Morning Meeting Minutes on 7.7] Last week, the prices of medium-grade nickel ore in the Philippines declined. The CIF price of Philippine laterite nickel ore with NI 1.3% from the Philippines to China was $45-$47/wmt, and the FOB price was $36-$38/wmt; the CIF price of ore with NI 1.5% was $58-$61/wmt, and the FOB price was $51-$53/wmt. In terms of supply and demand, on the supply side, the rainfall in the main producing areas in southern Philippines decreased slightly compared to last week. The rainfall in the southern region of Palawan remained the same as last week, and there was almost no rainfall in the area east of Davao. The main rainfall was concentrated in the Zambales region. Overall, the precipitation had no significant impact on shipments. The supply of nickel ore increased.

Another Dip in Indonesian Nickel Ore Price? NPI Remains Weak?

Philippine nickel ore prices fall. With smelters suffering losses, downstream acceptance of high-priced nickel ore is limited. Indonesian pyrometallurgical nickel ore prices fell again this week.

On July 4, the SMM battery-grade nickel sulphate index price was 27,202 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,200-27,620 yuan/mt, and the average price slightly higher than yesterday.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,508/mt Ni.