[5.21 Morning Meeting Summary] The influence of macro policy factors that frequently disrupted the market in the early stage has gradually weakened, and the market has returned to the logic dominated by supply and demand. Despite stainless steel prices being at a low level in recent years and facing resistance to further declines, the industry's high-supply pattern remains unchanged, with steel production continuing to fluctuate at highs and social inventory remaining high. Coupled with the end of the traditional peak consumption season, weak downstream demand, and intensified recent price fluctuations, the market sentiment is characterized by strong wait-and-see attitudes, and the pressure on traders to sell goods is significant.

According to the latest data from the China Customs website, in April 2025, China's total imports of nickel sulphate reached 7,173 mt (metal content), up 77% MoM and 63% YoY. China exported 125 mt (metal content) of nickel sulphate, up 43% MoM but down 86% YoY. In April 2025, China's net imports of nickel sulphate stood at 7,048 mt (metal content), up 78% MoM and 100% YoY.

[China's refined nickel imports increased both MoM and YoY in April 2025, with net imports turning positive] In March 2025, according to data released by the General Administration of Customs, China's refined nickel imports (including unwrought non-alloy nickel with a total nickel and cobalt content of ≥99.99% and cobalt content of ≤0.005%, other unwrought non-alloy nickel, and unwrought nickel alloys) reached 19,157 mt, up 116.92% MoM from March, up 135.76% YoY, and up 127.88% YoY on a cumulative basis.

[SMM Daily Review: Market Inquiries Cool Down, Transactions Sluggish, High-Grade NPI Prices Stabilize] On May 20, the average price of SMM 8-12% high-grade NPI was 946 yuan/mtu Ni (ex-factory, tax included), up 2 yuan/mtu Ni from the previous working day...

On May 20, the SMM index price for battery-grade nickel sulphate was 27,768 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,760-28,230 yuan/mt. The average price remained stable compared to yesterday.

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 $12,769/mt Ni.