[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...

This week, the mainstream premium for Indonesia's local laterite nickel ore remained at $26-30/wmt. In terms of ore used for pyrometallurgy prices, the SMM delivery-to-factory price for 1.6% Indonesia's local laterite nickel ore was $52.6-56.6/wmt, up $1 from last week, representing an increase of approximately 1.87% YoY. For ore used for hydrometallurgy prices, the SMM delivery-to-factory price for 1.3% Indonesia's local laterite nickel ore decreased to $23-25/wmt, down $2 from the same period last year, marking a decline of 7.69% YoY.