[7.3 Morning Meeting Minutes] Nickel ore premiums saw a slight decline, smelter losses eased but remained limited. Low finished product prices led some smelters to reduce production loads, resulting in weakening output. Demand side, stainless steel entered the traditional consumption off-season with sluggish spot price recovery, and stainless steel production is expected to decrease. Demand for high-grade NPI weakened further, compounded by downstream steel mills' long-term contracts already meeting part of their needs. Spot order purchases remained sluggish, keeping short-term high-grade NPI prices under pressure.

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 $12,478/mt Ni.

On July 2, the SMM battery-grade nickel sulphate index price was 27,192 yuan/mt, and the quotation range for battery-grade nickel sulphate was 27,200-27,600 yuan/mt, with the average price remaining stable compared to yesterday.

[7.2 Morning Meeting Minutes] Affected by the general rise in non-ferrous metals and the rebound from oversold conditions, LME nickel prices rebounded. Overall, the immediate production cost of nickel salts has increased. Supply side, some nickel salt smelters halted production for maintenance due to losses, while others maintained stable quotes. Demand side, precursor plants showed reduced enthusiasm for inquiries due to weak demand. This week, market transactions and inquiry activity remained at a low level.

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 $12,471/mt Ni.

On July 1, the SMM battery-grade nickel sulphate index price was 27,190 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,200-27,600 yuan/mt, and the average price remained stable compared to yesterday.