On May 15, the SMM index price for battery-grade nickel sulphate was 27,753 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,760-28,230 yuan/mt, and the average price fell slightly compared to yesterday.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 84% to 85%, and the FOB price of Indonesian MHP is $12,775 per mt (Ni contained).

[Global Changes in the Cobalt Industry Chain and Outlook for the Chinese Market Following the DRC's Cobalt Export Ban] In 2024, the global cobalt market is undergoing significant changes under the influence of the export ban policy in the Democratic Republic of the Congo (DRC). Wang Cong, General Manager of Industry Research at SMM, provided an in-depth analysis of the dynamics of China's cobalt industry chain, the global resource competition landscape, and demand trends at the recent Global Cobalt Forum organized by the Cobalt Institute in Singapore. The key points are as follows:

[5.14 Morning Meeting Minutes] This month, affected by destocking at downstream material plants, the production schedule for some precursors has declined, and the procurement demand for nickel salts has weakened. Supply side, some nickel salt smelters have low raw material inventory levels and expectations for production cuts. Nickel salt smelters are not enthusiastic about shipping. The nickel salts available in the market are also relatively limited. Looking ahead, the current nickel salt market is characterized by weak supply and demand, with a tug-of-war between buyers and sellers. It is expected that nickel salt prices will remain stable.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 84% to 85%, and the FOB price of Indonesian MHP is US$12,773 per mt (Ni contained).

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 14 May, 2025

[SMM Daily Review: The center of the high-grade NPI market still has room to decline, with transaction prices in the short-term market under pressure] On May 14th, the average price of SMM 8-12% high-grade NPI was 941.5 yuan/mtu (ex-factory, tax included), down 1 yuan/mtu from the previous working day...

On May 14, the SMM battery-grade nickel sulphate index price was 27,864 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,860-28,370 yuan/mt. The average price remained stable WoW.