The prices of ore used for pyrometallurgy rose slightly, putting downstream NPI enterprises in a dilemma, while the profit margins of hydrometallurgy enterprises may expand again in the short term.

【Minutes of the Morning Meeting on May 8】Today, news emerged from the China-U.S. negotiations, indicating expectations of a de-escalation in the tariff war. Stimulated by this favourable macro front, SS futures quickly surged and strengthened after the opening of the daytime session. However, as no substantive tariff adjustment policies had been implemented, market confidence could not be sustained, and futures prices subsequently fluctuated downward and gradually pulled back. In the spot market, the brief strengthening of futures prices boosted market sentiment. Coupled with the release of restocking demand after the Labour Day holiday, spot cargo quotes surged. Nevertheless, the acceptance of high-priced resources by downstream end-users remained insufficient, and market transactions were dominated by just-in-time procurement.

[SMM Daily Review: Market Transaction Center Continues to Move Lower, Short-Term High-Grade NPI Prices Remain Under Pressure] On May 7, the average price of SMM 8-12% high-grade NPI was 951 yuan/mtu (ex-factory, tax included), down 7 yuan/mtu from the previous working day...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 7 May, 2025

On May 7, the SMM battery-grade nickel sulphate index price was 27,856 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt. The average price rose slightly compared to yesterday.

Recently, it has been affected 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 $12,737 per mt (Ni contained).

SMM May 7 News: Philippine nickel ore market: Today, the domestic market for Philippine laterite nickel ore showed mediocre performance, with mainstream transaction prices remaining at the pre-holiday level.