【Minutes of Morning Meeting on May 9】Overall, MHP has strong cost support. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, leading to firm quotations. Some nickel salt smelters have expectations for production cuts due to incomplete raw material stocking. Moreover, the current raw material prices are fluctuating at highs, driving up their prices. Demand side, this week is not a traditional procurement phase, and some precursor plants have already stocked up raw materials for more than half a month, resulting in low procurement activity. Looking ahead, based on fundamental factors such as tight raw material supply, stable cost support, and downstream demand dependence, it is expected that nickel salt prices will show a mild upward trend in the short term.

[SMM Daily Review: Heavy Buyer Sentiment in Market Competition, Short-Term High-Grade NPI Prices Still Under Pressure] On May 8, the average price of SMM 8-12% high-grade NPI was 947.5 yuan/mtu (ex-factory, tax included), down 3.5 yuan/mtu from the previous working day...

【SMM Weekly Review of Stainless Steel Social Inventory: Inventory Buildup Observed in Wuxi and Foshan Stainless Steel Markets Amid Holiday Effect】This week (May 1-8, 2025), the total inventory in the two major stainless steel markets of Wuxi and Foshan showed an inventory buildup trend, rising from 975,400 mt on April 30, 2025, to 989,100 mt on May 8, 2025, representing a 1.4% WoW increase. Inventory pressure on stainless steel social inventory increased somewhat after the Labour Day holiday.

During this week's non-traditional procurement period, the nickel salt market showed low activity.

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 $12,730 per mt (Ni contained).

On May 8, the SMM battery-grade nickel sulphate index price was 27,857 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt, and the average price remained stable compared to yesterday.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 8 May, 2025