[5.23 Morning Meeting Minutes] Cost side, LME nickel has returned to fundamentals and is in the doldrums, leading to a slight decline in the production costs of nickel salt smelters. Demand side, the overall demand for nickel salt in June is expected to strengthen. Recently, the activity of precursor plants inquiring about nickel salt prices has significantly increased, and their purchase willingness has strengthened. Supply side, some nickel salt smelters have maintained stable quotes, while others have raised their quote coefficients due to increased demand and limited raw material inventory.

[SMM Daily Review: Market Transaction Atmosphere Warms Up, High-Grade NPI Prices Stabilize and Rise] On May 22, the average price of SMM 8-12% high-grade NPI was 949 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu from the previous working day...

Downstream demand picks up, nickel salt prices rise

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 $12,768/mt Ni.

On May 22, the SMM index price for battery-grade nickel sulphate was 27,791 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,760-28,270 yuan/mt, and the average price remained stable compared to yesterday.

[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.