On June 4, Meidy Katrin Lengkey, Secretary General of the Indonesia Nickel Miners Association (APNI), stated that APNI had proposed the establishment of an Indonesian metal exchange, which had already received approval from the Indonesian government.

[6.13 Morning Meeting Summary] Despite the widespread losses faced by enterprises, with some steel mills having implemented production cuts, the current supply remains at historically high levels due to the large production base in the early stage, and the contradiction of oversupply in the market is prominent. Stainless steel mills and agents are facing a sharp increase in shipping pressure, with market pessimism spreading. Traders are scrambling to ship goods, driving stainless steel quotes to continuously decline.

The nickel salt market is sluggish, with prices remaining stable.

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 $12,649/mt Ni.

On June 12, the SMM index price for battery-grade nickel sulphate was 27,585 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,580-28,050 yuan/mt, and the average price remained stable WoW.

[Minutes of Morning Meeting on June 12] Affected by the inventory of some raw materials and weak order demand, during the traditional procurement period this week, the inquiry and transaction activity of precursor enterprises for nickel salts were low. Supply side, the order signing situation for nickel salt producers in June was poor this week, and some large nickel salt enterprises planned to carry out shutdown maintenance work in June. Given the weak demand coupled with falling costs, some nickel salt producers have shown signs of loosening their quotes.

On June 11, the SMM battery-grade nickel sulphate index price was 27,586 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,580-28,050 yuan/mt, and the average price remained stable WoW.

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 $12,666/mt Ni.