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 $12,759/mt Ni.

On May 27, the SMM index price for battery-grade nickel sulphate was 27,812 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,760-28,270 yuan/mt. The average price remained stable WoW.

[5.27 Morning Meeting Minutes] Philippine nickel ore prices remain firm, imposing a significant cost burden on smelters, with domestic production continuing to operate at a low level. In Indonesia, the latest round of HPM for domestic trade nickel ore has seen only a slight decline. Coupled with the generally stable with slight rise in order negotiation premiums, the low finished product prices have led to a situation where smelters are operating at a loss. It is expected that production will decrease slightly. Demand side, the mainstream stainless steel mills' plate prices remained flat WoW. Market transactions are mainly conducted at low prices. Downstream demand has been impacted by tariff changes and the current off-season in the stainless steel market. Steel mills have weak purchase willingness for high-grade NPI. However, supported by underlying costs and the fact that market liquidity has not improved, the price center has risen slightly.

[SMM Daily Review: Strong Cost Support Coupled with Limited Circulation, Short-Term High-Grade NPI Prices Remain Stable] On May 26, the average price of SMM 8-12% high-grade NPI was 951 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...

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 $12,777/mt Ni.

On May 26, the SMM index price for battery-grade nickel sulphate was 27,811 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,760-28,270 yuan/mt. The average price remained stable WoW.

According to SMM analysis, the core logic of the lithium battery recycling policy in 2025 is "regulation + incentives". By raising technical barriers, strengthening full life cycle management, and increasing financial support, the industry will be driven to shift from extensive competition to high-quality development. Meanwhile, by providing subsidies and liberalizing import and export conditions, the long-term inverted pricing phenomenon in the current recycling industry can be mitigated to a certain extent.

This week's average price for SMM 8-12% high-grade nickel pig iron (NPI) reached 947.3 RMB per nickel point (ex-factory, including tax), an increase of 5.4 RMB per nickel point compared to last week. This indicates a stabilization and recovery trend in the high-grade NPI prices following recent fluctuations.