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 $12,795 per mt (Ni contained).

On May 16, the SMM index price for battery-grade nickel sulphate was 27,752 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,760-28,230 yuan/mt. The average price remained stable compared to yesterday.

[Summary of Morning Meeting on May 16] Consensus was reached on tariff issues during the China-US economic and trade talks, easing trade tensions. Currently, nickel ore prices remain high, and the shortage of supply in mining areas persists, driving up costs across the nickel industry chain. However, under the supply surplus situation, the cost transmission is hindered, and nickel prices may remain in the doldrums, with a support level at 122,000 yuan/mt and a resistance level at 128,000 yuan/mt. Going forward, attention should be paid to policy adjustments in Indonesia and changes in nickel ore supply after the end of the rainy season in the Philippines.

Philippine nickel ore prices are under pressure due to downstream constraints, with a divergence in prices between Indonesia's local ore for pyrometallurgy and ore used for hydrometallurgy

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 15 May, 2025

Weak downstream demand leads to decline in nickel salt prices

[SMM Daily Review: Buyer's Sentiment in High-grade NPI Market Remains, Short-term Transaction Prices Under Pressure] On May 15, the average price of SMM 8-12% high-grade NPI was 941.5 yuan/mtu (ex-factory, tax included), unchanged from the previous working day...