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 $12,420/mt Ni.

On June 27, the SMM battery-grade nickel sulphate index price was 27,194 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,200-27,600 yuan/mt, and the average price remaining stable compared to yesterday.

[6.27 Morning Meeting Minutes] Currently, the stainless steel market remains 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 reports of production cuts in the market, the current market supply remains at a relatively high level compared to the same period in history due to the large production base in the early stage. The repair of the supply-demand relationship still takes 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, placing substantial pressure on stainless steel mills, agents, and traders to ship goods, thereby limiting the rebound and rise of stainless steel prices.

The nickel salt market is sluggish, with prices remaining stable.

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 $12,424/mt Ni.

On June 26, the SMM battery-grade nickel sulphate index price was 27,199 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,200-27,600 yuan/mt. The average price remained stable compared to yesterday.

On June 5, the Indonesia Critical Minerals Conference & Expo 2025, hosted by SMM Information & Technology Co., Ltd. (SMM), supported by the Indonesian Ministry of Foreign Affairs as a government supporter, and co-organized by the Indonesia Nickel Miners Association (APNI), Jakarta Futures Exchange, and Sxcoal, successfully concluded at the Pullman Jakarta Central Park Hotel in Indonesia.