Downstream inventory is relatively sufficient, and transactions in the nickel salt market are sluggish.

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 $12,491/mt Ni.

On July 3, 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 remained stable compared to yesterday.

[SMM Daily Review: Nickel Pig Iron Fundamentals Under Pressure, Transactions Sluggish; Market Prices Remain Weak in the Short Term] On July 3, the average price of SMM 8-12% high-grade NPI was 908.5 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu from the previous working day...

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

[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.