【4.25 Morning Meeting Minutes】Indonesia's local ore premiums remained stable, smelter cost lines were generally stable with a slight rise, while spot prices have fallen below the cost lines of some smelters, leading to a simultaneous weakening in production drivers and domestic trade, with overall production remaining stable. Demand side, stainless steel spot prices are at low levels in recent years, and the immediate raw material costs have already shown an inversion.

The total stainless steel inventory in Wuxi and Foshan decreased from 999,400 mt to 985,800 mt this week (April 18-24, 2025), down 1.36% WoW.

Nickel salt smelter quotations remained firm this week, and nickel sulphate prices rose.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Apr, 2025