Latest Update in the SMM Nickel And Manganese Market

[SMM SiMn Daily Review: Mainstream Steel Mill Bidding Not Yet Priced, Market Holds Wait-and-See Sentiment] In the northern market, SiMn alloy 65/17 (cash) is priced at 5,400-5,550 yuan/mt, down 25 yuan/mt WoW from Wednesday; in the southern market, SiMn alloy 65/17 (cash) is priced at 5,450-5,600 yuan/mt, down 25 yuan/mt WoW from Wednesday. According to SMM, on the raw material side, various types of manganese ore are in a state of overall loss, with limited room for miners to lower prices, and manganese ore prices showing relatively small fluctuations. On the supply side, due to the electricity cost advantages during the rainy season in southern regions such as Yunnan, SiMn plants that had previously suspended production are gradually resuming operations, leading to an increase in the SiMn operating rate. On the demand side, mainstream steel mill bidding has not yet been priced, and downstream steel mills are maintaining a cautious wait-and-see sentiment.

The SMM Lithium Battery Raw Materials Conference 2025 will be held in Xiamen on October 20-21, 2025, focusing on the critical challenges and opportunities in the supply chain of key battery raw materials such as nickel, cobalt, and lithium amid the global energy transition. The conference aims to analyze international policy shifts, supply-demand dynamics, and pricing mechanisms from multiple perspectives, fostering a more stable, transparent, and efficient industry chain. Key Topics Include: 1.Global Market Trends: Examining the impact of geopolitics, trade policies, and supply-demand imbalances on nickel, cobalt, and lithium pricing and supply chains. 2.SMM Pricing System: Interpreting the authoritative price formation mechanism and providing future trend forecasts. 3.Industry Chain Collaboration: Facilitating long-term contract negotiations and one-on-one business matchmaking to enhance upstream-downstream cooperation. 4.Technological Innovation: Exploring cutting-edge advancements in battery materials to support corporate strategic planning. Highlights: 1.Full Industry Chain Participation: Gathering global stakeholders, including resource extraction, refining, R&D, and end-use manufacturers. 2.Authoritative Market Insights: SMM will release in-depth analysis and price benchmarks for nickel, cobalt, and lithium. 3.Efficient Networking: Structured business matchmaking to promote long-term supply chain partnerships. 4.This conference will deliver forward-looking insights, empowering enterprises to navigate resource flows and market transformations while advancing the sustainable development of the global new energy industry chain.

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 $12,526/mt Ni.

On June 18, the SMM battery-grade nickel sulphate index price was 27,402 yuan/mt, with a quotation range for battery-grade nickel sulphate of 27,400-27,830 yuan/mt. The average price fell slightly compared to yesterday.

After the Indonesia Critical Minerals Conference & Expo 2025​​​​​​​, Wu Chenyu, SMM's Nickel Industry Marketing Director, and Enzo, a nickel industry analyst, led a team of international visitors to visit the Indonesia Branch of Guangdong Brunp Recycling Technology Co., Ltd.

[6.18 Morning Meeting Minutes] Recently, the premium for saprolite ore in Indonesia's nickel ore market remained high, and the cost line of nickel ore for smelters remained firm. Additionally, the drive to switch production to high-grade nickel matte was not met. Currently, the main product of RKEF capacity is still high-grade NPI, and overall production may increase MoM from last month. Demand side, the proportion of long-term agreements for raw materials among major stainless steel mills is relatively high, and there has been a considerable trading volume of spot orders on the eve of this month. Currently, the demand for external purchases is weak.

[SMM EMM Daily Review: Market Remains Stalemate, Spot Prices Stabilize Temporarily] The average spot price of EMM in major producing areas ranges from 13,400 to 13,500 yuan/mt, unchanged MoM; the average FOB price ranges from $1,880 to $1,910/mt, unchanged MoM. In terms of supply, EMM quotations remain firm, with factories showing weak willingness to sell at low prices, focusing mainly on order fulfillment, resulting in slightly tight spot supply. On the demand side, downstream steel mills generally adopt a cautious procurement attitude towards EMM, waiting to see the progress of steel tenders.

[SMM Manganese Ore Daily Review] Limited Room for Miners to Offer Price Discounts, Spot Prices Remain Stable for Now June 17: Northern Ports: Australian lump ore at 39.5-40.5 yuan/mtu, unchanged WoW from last Tuesday; Australian seed ore at 35.8-36.8 yuan/mtu, unchanged WoW from last Tuesday; South African semi-carbonate ore at 32.6-33.1 yuan/mtu, unchanged WoW from last Tuesday; Gabon ore at 35.6-36.6 yuan/mtu, unchanged WoW from last Tuesday; South African high-iron ore at 29.1-29.6 yuan/mtu, down 0.68% WoW from last Tuesday. Southern Ports: Australian lump ore at 39.3-40.3 yuan/mtu, unchanged WoW from last Tuesday; Australian seed ore at 35.5-36 yuan/mtu, unchanged WoW from last Tuesday; South African semi-carbonate ore at 33-33.5 yuan/mtu, unchanged WoW from last Tuesday; Gabon ore at 37.6-38.1 yuan/mtu, down 1.30% WoW from last Tuesday; South African high-iron ore at 28.3-28.8 yuan/mtu, unchanged WoW from last Tuesday. Currently, inventory buildup continues at the ports, and downstream alloy plants are mostly making just-in-time procurement of manganese ore. All varieties of manganese ore are currently operating at a loss, leaving limited room for miners to offer price discounts. Miners' external offers have fluctuated relatively little at the beginning of the week, and the current spot market for manganese ore is temporarily stable.