[Morning Meeting Minutes on July 7] In the near term, nickel prices may remain in the doldrums, ranging from 118,000 to 123,000 yuan/mt. With the July 9 deadline set by Trump for global tariffs approaching, countries that have not reached a trade agreement face the risk of tariff increases. Market risk-aversion sentiment has surged, with macro risk-aversion sentiment suppressing rebound momentum.

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 $12,512/mt Ni.

[Morning Meeting Minutes on 7.7] Last week, the prices of medium-grade nickel ore in the Philippines declined. The CIF price of Philippine laterite nickel ore with NI 1.3% from the Philippines to China was $45-$47/wmt, and the FOB price was $36-$38/wmt; the CIF price of ore with NI 1.5% was $58-$61/wmt, and the FOB price was $51-$53/wmt. In terms of supply and demand, on the supply side, the rainfall in the main producing areas in southern Philippines decreased slightly compared to last week. The rainfall in the southern region of Palawan remained the same as last week, and there was almost no rainfall in the area east of Davao. The main rainfall was concentrated in the Zambales region. Overall, the precipitation had no significant impact on shipments. The supply of nickel ore increased.

Another Dip in Indonesian Nickel Ore Price? NPI Remains Weak?

According to the latest market data, the weekly average price of SMM 8-12% high-grade NPI was 909.8 yuan/mtu (ex-factory, tax included) this week, down 5.4 yuan/mtu from the previous week's average. Meanwhile, the FOB index price of Indonesian NPI was $110.9/mtu, down $0.2/mtu from the previous week. Overall, high-grade NPI prices remained in the doldrums this week.

Philippine nickel ore prices fall. With smelters suffering losses, downstream acceptance of high-priced nickel ore is limited. Indonesian pyrometallurgical nickel ore prices fell again this week.