[5.22 Morning Meeting Minutes] Currently, the premium for Indonesia's local pyrometallurgy saprolite ore remains relatively firm. With finished product prices having fallen below the cost line, some high-cost production lines have been affected by losses, leading to a reduction in production load. It is expected that overall production will slightly decline. Demand side, stainless steel prices have been bolstered by the easing of tariff policies, with prices stabilizing and rising. However, the overall transaction situation has not significantly improved. Mainstream steel mills' intended purchase prices for raw materials have stabilized, and some traders have shown willingness to stockpile, with purchase prices rising slightly compared to the previous period.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,778/mt Ni.

On May 21, the SMM index price for battery-grade nickel sulphate was 27,768 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,760-28,270 yuan/mt, and the average price slightly increased compared to yesterday.

[SMM Daily Review: Upstream Refuses to Budge on Prices, High-grade NPI Prices Stabilize] On May 21, the average price of SMM 8-12% high-grade NPI was 946.5 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day...