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.

[SMM Data: Electrolyte Production Rose Slightly MoM in June] Electrolyte production in June 2025 increased 0.1% MoM, and is expected to increase 0.2% MoM in July.

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.

[SMM Analysis: Operating Rates of Smelters in Yunnan and Jiangxi Rebound Slightly; Smelters in Both Regions Expected to Operate at Low Rates in July] According to SMM's processing data from in-depth market surveys, the weekly operating rates of refined tin smelters in Yunnan and Jiangxi have continued to rebound slightly in recent periods. As of this week, the combined operating rate of the two provinces has risen to 53.97%. Low Operating Rates: Due to tight tin ore supply, smelters in Yunnan have maintained low operating rates. Despite a slight rebound of 4.13% in operating rates this week, they remain significantly lower than the levels in Q4 2024. Critically Low Raw Material Inventories: Myanmar's tin ore imports have been below the 10,000 mt warning line for several consecutive months. Additionally, the slow pace of production resumptions in the Wa region, coupled with Thailand's ban on Myanmar's transit transportation, has blocked tin ore import channels. Raw material inventories at Yunnan smelters are generally insufficient for 30 days, forcing some enterprises to conduct maintenance or implement gradient production cuts. Treatment charges (TCs) for 40% grade tin concentrates are at historical lows, squeezing smelting profits and further dampening production enthusiasm. Jiangxi smelters rely on a scrap tin recycling system, but poor end-use consumption has led to a decline in recycling volumes. Falling TCs have driven up production costs. Some enterprises have been forced to cut production due to insufficient scrap, resulting in slow capacity recovery. Smelters in both regions are expected to operate at low rates in July.