The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 May, 2025

Philippine nickel ore prices are under pressure due to downstream constraints, with a divergence in prices between Indonesia's local ore for pyrometallurgy and ore used for hydrometallurgy

[SMM Daily Review: Policy Transmission May Still Require Time to Materialize, Short-Term Market Transaction Prices Under Pressure] On May 13, the average price of SMM 8-12% high-grade NPI was 942.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...

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 US$12,796 per mt (Ni contained).

On May 13, the SMM battery-grade nickel sulphate index price was 27,864 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt. The average price remained stable WoW.

[5.12 Morning Meeting Minutes] Base metal prices generally rose on Monday as news emerged of substantive progress in trade negotiations between the US and China, alleviating concerns about a global recession to some extent. Another reason for the outstanding performance of nickel prices was the rumor that the Philippines planned to implement a ban on nickel ore exports starting next month, which could potentially lead to a shortage in nickel ore supply. However, SMM analysis suggests that the short-term impact on the nickel market may stem more from sentiment, and it may be difficult for this policy to have a fundamental impact on the nickel industry in the short term.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 May, 2025

[SMM Daily Review: Heavy Competition Persists Between Upstream and Downstream of High-grade NPI, Short-term Market Transaction Prices Under Pressure] On May 12, the average price of SMM 8-12% high-grade NPI was 942.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu from the previous working day...

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.