[6.25 Morning Meeting Minutes] Affected by the extension of the cobalt ban in the DRC, the demand for nickel in ternary materials has been suppressed, driving LME nickel prices to continue declining. Overall, the production cost of nickel salts has decreased. Supply side, the extension of the cobalt ban has fueled the reluctance to budge on prices among some nickel salt smelters, with some having already stopped quoting prices. Demand side, some precursor manufacturers have raised their price acceptance for nickel salts.

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 $12,414/mt Ni.

On June 24, the SMM battery-grade nickel sulphate index price was 27,200 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,200-27,600 yuan/mt. The average price remained stable WoW.

On June 5, 2025, the Ni&Co Forum of Indonesia Critical Minerals Conference & Expo 2025 successfully wrapped up in Jakarta, Indonesia! The conference was organized by SMM, supported by the Ministry of Foreign Affairs of Indonesia, and co-organized by the Indonesia Nickel Miners Association (APNI), the Jakarta Futures Exchange, and Sxcoal.

Overnight, LME copper opened at $9,643.5/mt, dipping to a low of $9,615.0/mt and peaking at $9,697.0/mt, before closing at $9,694.5/mt, up 0.35%.

[6.24 Morning Meeting Minutes] The destocking of stainless steel social inventory remains relatively slow, with stainless steel prices continuously testing historical lows. The demand for raw material procurement from mainstream steel mills is weak. Given the expanding economic advantages of stainless steel scrap as a raw material, the demand for high-grade NPI may weaken. Today, the procurement prices of mainstream stainless steel mills have further declined. Overall, in the short term, stainless steel will still focus on active destocking, with prices likely to continue in the doldrums. The raw material side is under relatively high pressure, and the price of high-grade NPI may continue to be in the doldrums.

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 $12,425/mt Ni.

On June 23, the SMM battery-grade nickel sulphate index price was 27,195 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,200-27,600 yuan/mt. The average price remained stable WoW.