[7.9 Morning Meeting Summary] Prior to the meeting, the stainless steel market remained in the traditional off-season for consumption, with downstream demand failing to match the current supply levels. Additionally, uncertainties such as US tariffs remained significant, leading to a strong wait-and-see sentiment among downstream players. Despite the widespread challenges of losses faced by stainless steel mills and reports of production cuts in the market, due to the large production base in the early stage, the current market supply remained at a historically high level for the same period, and the restoration of the supply-demand relationship would still take time.

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 $12,506/mt Ni.

On July 8, the SMM battery-grade nickel sulphate index price was 27,209 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,200-27,620 yuan/mt, and the average price remained unchanged from yesterday.

[Morning Meeting Minutes on July 7] In the near term, nickel prices may remain in the doldrums, ranging from 118,000 to 123,000 yuan/mt. With the July 9 deadline set by Trump for global tariffs approaching, countries that have not reached a trade agreement face the risk of tariff increases. Market risk-aversion sentiment has surged, with macro risk-aversion sentiment suppressing rebound momentum.

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 $12,512/mt Ni.

[Morning Meeting Minutes on 7.7] Last week, the prices of medium-grade nickel ore in the Philippines declined. The CIF price of Philippine laterite nickel ore with NI 1.3% from the Philippines to China was $45-$47/wmt, and the FOB price was $36-$38/wmt; the CIF price of ore with NI 1.5% was $58-$61/wmt, and the FOB price was $51-$53/wmt. In terms of supply and demand, on the supply side, the rainfall in the main producing areas in southern Philippines decreased slightly compared to last week. The rainfall in the southern region of Palawan remained the same as last week, and there was almost no rainfall in the area east of Davao. The main rainfall was concentrated in the Zambales region. Overall, the precipitation had no significant impact on shipments. The supply of nickel ore increased.

Another Dip in Indonesian Nickel Ore Price? NPI Remains Weak?