As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 84% to 85%, and the FOB price of Indonesian MHP is US$12,782/mt (Ni contained).

On May 19, the SMM index price for battery-grade nickel sulphate was 27,757 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,760-28,230 yuan/mt, and the average price remained stable compared to yesterday.

[Morning Meeting Minutes on May 19] Today, the SMM 1# refined nickel price was 124,900-127,350 yuan/mt, with an average price of 126,125 yuan/mt, a decrease of 200 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan No.1 nickel was 2,000-2,200 yuan/mt, with an average premium of 2,100 yuan/mt, unchanged from the previous trading day. The premiums and discounts quotation range for Russian nickel was 0-300 yuan/mt, with an average premium of 150 yuan/mt, unchanged from the previous trading day.

On May 8, the local authorities in Guangzhou issued the "Application Guidelines for the 2025 Guangzhou Waste Power Battery Second-life Application and Recycling Projects" and commenced the project application process. The relevant requirements are as follows: The project will start accepting applications on May 26, with the deadline set for May 30.

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

This week, the average price of SMM 8-12% high-nickel pig iron was 941.9 yuan per nickel point (including tax, ex-factory), which is a decrease of 8.2 yuan per nickel point compared to last week. The price of high-nickel pig iron continues to face significant pressure.

[SMM Daily Review: Heavy back-and-forth negotiations between upstream and downstream in the nickel pig iron market, with transaction prices under pressure in the short term] On May 16, the average price of SMM 8-12% high-grade NPI was 941.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...

According to SMM data, the mainstream premium for Indonesia's local laterite nickel ore remained at $26-30/wmt this week. Regarding the prices of ore used for pyrometallurgy, the HPM prices in Indonesia for H2 saw a rebound due to the increase in LME prices, leading to a slight increase in the prices of ore used for pyrometallurgy this week. The delivery-to-factory price for 1.6% nickel content of Indonesia's local laterite nickel ore from SMM was $53.3-57.3/wmt, up $0.7 or approximately 1.2% YoY from last week. In terms of the prices of ore used for hydrometallurgy, the delivery-to-factory price for 1.3% nickel content of Indonesia's local laterite nickel ore from SMM remained stable at $23-25/wmt, unchanged from last week.

Philippine nickel ore market remains generally stable, with a slight decline in CIF prices for medium-grade ore Indonesian ore HPM rises, but the premium for ore used for pyrometallurgy struggles to increase due to fundamental constraints