Recently, there has been much discussion in the market regarding the Philippines' ban on mining, with news stating that "the Philippine government is expected to implement a ban on nickel ore exports starting from June 2025.

This week, the average price of SMM 8-12% high-nickel pig iron is 950.1 RMB per nickel point (tax-included, ex-factory), which represents a decrease of 17.4 RMB per nickel point compared to the average price last week. The price of high-nickel pig iron continues its previous downward trend.

Indonesian nickel pyrometallurgical ore prices continues to slightly increase, while hydrometallurgical ore prices experience a downward trend. For high-grade NPI, this week's price pressure still persists

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 9 May, 2025

On May 9, the SMM index price for battery-grade nickel sulphate was 27,858 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,860-28,370 yuan/mt. The average price remained stable compared to yesterday.

Prices of Indonesian ore used for pyrometallurgy rise again, with prices of ore used for hydrometallurgy and ore used for pyrometallurgy diverging Nickel ore prices in the Philippines drop slightly, but there is still a long way to go before downstream profit margins recover

[SMM Daily Review: Market Inquiry Prices Continue to Decline, Short-Term High-Grade NPI Prices Remain Under Pressure] On May 9, the average price of SMM 8-12% high-grade NPI was 944 yuan/mtu (ex-factory, tax included), down 3.5 yuan/mtu from the previous working day...

Recently, it has been affected by the slight decline in LME nickel prices. 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 $12,725 per mt (Ni contained).