[SMM Daily Review: Policy Transmission May Still Require Time to Materialize, Short-Term Market Transaction Prices Under Pressure] On May 13, the average price of SMM 8-12% high-grade NPI was 942.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...

Today, driven by the easing of Sino-US trade tensions, non-ferrous metals generally rose, and LME nickel prices increased slightly. 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 US$12,796 per mt (Ni contained).

On May 13, the SMM battery-grade nickel sulphate index price was 27,864 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt. The average price remained stable WoW.

[5.12 Morning Meeting Minutes] Base metal prices generally rose on Monday as news emerged of substantive progress in trade negotiations between the US and China, alleviating concerns about a global recession to some extent. Another reason for the outstanding performance of nickel prices was the rumor that the Philippines planned to implement a ban on nickel ore exports starting next month, which could potentially lead to a shortage in nickel ore supply. However, SMM analysis suggests that the short-term impact on the nickel market may stem more from sentiment, and it may be difficult for this policy to have a fundamental impact on the nickel industry in the short term.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 May, 2025

[SMM Daily Review: Heavy Competition Persists Between Upstream and Downstream of High-grade NPI, Short-term Market Transaction Prices Under Pressure] On May 12, the average price of SMM 8-12% high-grade NPI was 942.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu from the previous working day...

On May 12, the SMM battery-grade nickel sulphate index price was 27,863 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt, and the average price remained stable WoW.