【Minutes of Morning Meeting on April 30】Affected by the production cuts in Indonesia's MHP and high-grade nickel matte projects, the supply of raw materials is tight, driving the MHP coefficient to continue fluctuating at highs, with insufficient downward momentum. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, hence their quotations remain firm. Some nickel salt smelters have expectations for production cuts due to incomplete raw material stocking.

Recently, the market has been influenced by the rebound in futures prices and the MHP coefficient fluctuating at highs. 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 $12,649 per mt (Ni contained).

On April 29, the SMM index price for battery-grade nickel sulphate was 27,818 yuan/mt, with a quotation range of 27,820-28,340 yuan/mt for battery-grade nickel sulphate. The average price remained stable compared to yesterday.

[SMM Daily Review: Market sentiment was sluggish ahead of the holiday, and the price of high-grade NPI may be in the doldrums in the short term] On April 29, the average price of SMM 8-12% high-grade NPI was 967.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 29 Apr, 2025

【Minutes of Morning Meeting on April 29】Indonesia's local ore premiums remained stable. The cost line of smelters was generally stable with slight rise, while the decline in spot prices had already broken through the cost line of some smelters. Production drivers and domestic demand weakened simultaneously, with overall production remaining stable. Demand side, stainless steel spot prices were at a low level in recent years, and the immediate raw material costs were high, leading to an inverted situation. In the short term, downstream stainless steel mills had weak demand for raw material procurement, and the center of market transactions continued to move downward. It is expected that high-grade NPI prices will remain under pressure in the short term.