On May 12, the SMM battery-grade nickel sulphate index price was 27,863 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt, and the average price remained stable WoW.

Today, driven by the easing of Sino-US trade tensions, non-ferrous metals generally rose, and LME nickel prices increased slightly. 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 $12,753 per mt (Ni contained).

[5.12 Morning Meeting Minutes] As of last week, the SMM battery-grade nickel sulphate index price was 27,858 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,860 to 28,370 yuan/mt, and the average price slightly increasing WoW. Supply side, the supply of MHP and high-grade nickel matte tightened, causing their coefficients to continue fluctuating at highs. Nickel salt smelters maintained a firm stance on nickel salt prices due to strong cost support.

The progress of the recall incident this week is as follows:

Recently, there has been much discussion in the market regarding the Philippines' ban on mining, with news stating that "the Philippine government is expected to implement a ban on nickel ore exports starting from June 2025.