On May 7, the SMM battery-grade nickel sulphate index price was 27,856 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt. The average price rose slightly compared to yesterday.

Recently, it has been affected by the rebound in futures prices and the MHP coefficient fluctuating at highs. 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 $12,737 per mt (Ni contained).

SMM May 7 News: Philippine nickel ore market: Today, the domestic market for Philippine laterite nickel ore showed mediocre performance, with mainstream transaction prices remaining at the pre-holiday level.

【Minutes of the Morning Meeting on May 7】In April, the production of MHP in Indonesia was significantly affected by floods, resulting in a gap between supply and demand and keeping its coefficient firm at highs. Overall, MHP has strong cost support. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, leading to firm quotations. Some nickel salt smelters have expectations for production cuts due to incomplete raw material stocking. Moreover, the current raw material prices are fluctuating at highs, driving up their prices.

[SMM Daily Review: New Low in Tender Prices for Steel Mills After the Holiday, Short-Term Prices for High-Grade NPI Remain Under Pressure] On May 6, the average price of SMM 8-12% high-grade NPI was 958 yuan/mtu (ex-factory, tax included), down 9.5 yuan/mtu from the previous working day...

Recently, the market has been influenced by the rebound in futures prices and the MHP coefficient fluctuating at highs. 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 $12,674 per mt (Ni contained).

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 6 May, 2025

Recently, the Indonesian Ministry of Foreign Affairs confirmed its attendance as a supporter at the 2025 Indonesia Mining Conference & Nickel Cobalt New Energy Conference, organized by SMM, which will be held in Jakarta, Indonesia, from June 3 to 5. A summit for government officials from 28 countries will also be convened on June 5. The invited government officials will come from the following 28 countries: