[6.1 Morning Meeting Minutes] Currently, the stainless steel market has fully entered the traditional consumption off-season, with continued weak downstream demand. Despite stainless steel enterprises generally facing losses, some steel mills have also launched production cut plans. However, due to the large production base in the early stage, the current supply scale remains at a historical high, leading to a significant oversupply situation in the market. The pressure on traders to sell goods has surged. To alleviate inventory pressure, some merchants have been forced to offer discounts for sales promotions, further strengthening the market's pessimistic expectations.

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 $12,673/mt Ni.

On June 9, the SMM battery-grade nickel sulphate index price was 27,597 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,580-28,050 yuan/mt, and the average price remained stable WoW.

[6.9 Morning Meeting Summary] Today, the SMM 1# refined nickel price was 122,050-124,750 yuan/mt, with an average price of 123,400 yuan/mt, up 300 yuan/mt from the previous trading day. The mainstream spot premiums quotation range for Jinchuan #1 refined nickel was 2,300-2,600 yuan/mt, with an average premium of 2,450 yuan/mt, unchanged from the previous trading day. The quotation range for premiums and discounts of spot electrodeposited nickel from mainstream domestic brands was -50-300 yuan/mt.

The progress of the recall incident this week is as follows:

This week, Indonesian nickel ore prices saw an increase. NPI prices still faces pressure

This week, the average price of SMM 8-12% high-grade NPI was 954.6 yuan/mtu (ex-factory, tax included), marking a 1.3 yuan/mtu increase WoW. However, the overall price performance of high-grade NPI remained under pressure this week.

Philippine Nickel Ore Prices Remain High, Forcing Domestic Enterprises to Choose Between High-Priced Purchases or Production Cuts Prices Strengthen for Both Indonesia's Saprolite Ore and Limonite Ore

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 $12,670/mt Ni.