To better serve our customers and enhance the efficiency of the SMM database, we will optimize and adjust the existing classification of the non-ferrous database in June 2025. This adjustment will not involve any changes to the data.

Overnight, LME copper opened at $9,636.5/mt. It initially rose to a high of $9,645.0/mt, then fluctuated downward.

[5.29 Morning Meeting Minutes] Currently, the stainless steel market has entered the traditional consumption off-season, with significantly sluggish downstream demand. However, supply-side production remains at high levels, placing immense shipment pressure on steel mills. Inventory buildup among agent traders is evident, and social inventory continues to fluctuate at highs. Due to insufficient end-user orders, some futures-spot traders resorted to selling spot cargo at low prices after completing futures arbitrage, with some goods circulating only within the trade chain without reaching end-users. Although the rebound in high-grade NPI prices, historically low stainless steel prices, and corporate losses provided some support, the combination of shrinking off-season demand and persistently high supply suggests that stainless steel prices will continue to face downward pressure in the short term if shipment pressure persists.

Since last Friday, news has been gradually circulating in the market suggesting that Indonesia might ease its RKAB (Work Plan and Budget) approval process. This rumor gained widespread traction this week, and although it has yet to be officially confirmed, it has already impacted market sentiment and nickel price trends to some extent.

Introduction: Starting from last Friday, the market began to receive news of the relaxation of Indonesia's RKAB approvals. This news began to spread widely in the market this week. Although the news has not yet been officially confirmed, it has already affected market sentiment and the trend of nickel prices to a certain extent. It is worth noting that this week coincides with the month-end, a period when Indonesian smelters and local nickel ore mines negotiate the nickel ore premiums for June. According to SMM, the news of "RKAB approval relaxation" has not led to a significant easing or decline in the prices of Indonesia's local ore. The mainstream premium for Indonesia's local pyrometallurgy ore in June is likely to remain stable compared to May. This may also indicate, from a side perspective, that currently, there has been no structural change in the supply and demand situation of Indonesia's local domestic trade nickel ore, and the tight supply of nickel ore has not shown significant improvement. Recently, SMM inquired with ESDM about such issues, and an official from ESDM stated that no large-scale approvals for supplementary quotas have been granted in the past two weeks.

[SMM Daily Review: Market Sentiment for High-Grade NPI Cools Down, Short-Term Prices of High-Grade NPI Remain Stable] On May 28, the average price of SMM 8-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day...

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 $12,743/mt Ni.

On May 28, the SMM index price for battery-grade nickel sulphate was 27,813 yuan/mt, with a quotation range of 27,760-28,270 yuan/mt for battery-grade nickel sulphate. The average price remained stable WoW.