Indonesian ore used for pyrometallurgy remained stable with a slight upward trend, while the price of ore used for hydrometallurgy may experience a downward adjustment.

SMM Daily Review: Stainless Steel Market Shows Further Weakness, Short-Term High-Grade NPI Prices May Be in the Doldrums. April 25th, the average price of SMM 8-12% high-grade NPI was 969 yuan/mtu (ex-factory, tax included), down 2 yuan/mtu from the previous working day.

On April 25, the SMM battery-grade nickel sulphate index price was 27,813 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,820-28,340 yuan/mt, and the average price remained stable compared to the previous day.

Recently, due to the continuous rise in futures prices and the increase in the MHP coefficient, as of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 84%-85%, and the FOB price of Indonesian MHP is $12,634/mt (Ni contained).

【4.25 Morning Meeting Minutes】Indonesia's local ore premiums remained stable, smelter cost lines were generally stable with a slight rise, while spot prices have fallen below the cost lines of some smelters, leading to a simultaneous weakening in production drivers and domestic trade, with overall production remaining stable. Demand side, stainless steel spot prices are at low levels in recent years, and the immediate raw material costs have already shown an inversion.