On June 5, 2025, the Ni&Co Forum of Indonesia Critical Minerals Conference & Expo 2025 successfully wrapped up in Jakarta, Indonesia! The conference was organized by SMM, supported by the Ministry of Foreign Affairs of Indonesia, and co-organized by the Indonesia Nickel Miners Association (APNI), the Jakarta Futures Exchange, and Sxcoal.

Overnight, LME copper opened at $9,643.5/mt, dipping to a low of $9,615.0/mt and peaking at $9,697.0/mt, before closing at $9,694.5/mt, up 0.35%.

[6.24 Morning Meeting Minutes] The destocking of stainless steel social inventory remains relatively slow, with stainless steel prices continuously testing historical lows. The demand for raw material procurement from mainstream steel mills is weak. Given the expanding economic advantages of stainless steel scrap as a raw material, the demand for high-grade NPI may weaken. Today, the procurement prices of mainstream stainless steel mills have further declined. Overall, in the short term, stainless steel will still focus on active destocking, with prices likely to continue in the doldrums. The raw material side is under relatively high pressure, and the price of high-grade NPI may continue to be in the doldrums.

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 $12,425/mt Ni.

On June 23, the SMM battery-grade nickel sulphate index price was 27,195 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,200-27,600 yuan/mt. The average price remained stable WoW.

On Friday evening, LME copper opened at $9,628.5/mt, surging to a high of $9,700/mt in the early session, then fluctuating downward, hitting a low of $9,621.5/mt during the session, and experiencing a slight correction towards the end, ultimately closing at $9,660.5/mt, up 0.43%.

[Summary of Morning Meeting on June 23] Prices of Indonesia's local ore changed last week. In terms of premiums, the mainstream premiums for Indonesia's local laterite nickel ore remained at $26-28/wmt this week. Regarding benchmark prices, HMA prices stabilized with a slight decline in the second half of June, reaching $15,221/mt, down 1.19% MoM from the previous period. Overall, the prices of saprolite ore decreased this week. The SMM delivery-to-factory prices for Indonesia's local laterite nickel ore with 1.6% nickel content stood at $53.9-56.9/wmt, up $0.4/wmt WoW. For limonite ore prices, the SMM delivery-to-factory prices for Indonesia's local laterite nickel ore with 1.3% nickel content remained stable at $26-28/wmt, unchanged from last week.

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