[5.12 Morning Meeting Minutes] As of last week, the SMM battery-grade nickel sulphate index price was 27,858 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,860 to 28,370 yuan/mt, and the average price slightly increasing WoW. Supply side, the supply of MHP and high-grade nickel matte tightened, causing their coefficients to continue fluctuating at highs. Nickel salt smelters maintained a firm stance on nickel salt prices due to strong cost support.

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

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