[7.1 Morning Meeting Minutes] The stainless steel market is still in the traditional off-season for consumption, with downstream demand failing to match the current supply level. Additionally, uncertainties such as US tariffs remain significant, leading to a strong wait-and-see sentiment among downstream players. Despite the widespread losses faced by stainless steel mills and news of production cuts in the market, due to the large base of previous production, the current market supply remains at a relatively high level compared to the same period in history, and the repair of the supply-demand relationship will still take time. Both in-plant inventory and social inventory of stainless steel are at relatively high levels. Against the backdrop of the off-season for consumption, the de-stocking speed has slowed down significantly, putting significant pressure on shipments for stainless steel mills, agents, and traders, thereby limiting the rebound and rise of stainless steel prices.

In June 2025, SMM's nickel sulphate production is expected to reach approximately 24,200 mt in metal content, corresponding to around 110,200 mt in physical terms, down approximately 1.42% MoM and 19.69% YoY.

On June 30, the SMM battery-grade nickel sulphate index price was 27,192 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,200-27,600 yuan/mt, and the average price remained stable WoW.

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 $12,442/mt Ni.

Nickel ore prices may remain high throughout 2025, with the nickel market maintaining a tight balance in the short term

At the 2025 Indonesia Mining Conference & Critical Metals Conference - Nickel, Cobalt, and NEV Arena, Tobias Maya, President of PT Geo Search, shared insights on the topic of "The Rise of Mining in Southeast Asia: Indonesia at the Forefront of Global Critical Mineral Development, Supporting Renewable Energy Goals."