Nickel prices remained weak, with SHFE nickel futures fluctuating downward. The most-traded contract closed 0.92% lower at 118,570 yuan/mt. The prices of laterite ore from the Philippines remained firm at the ore end, but high-priced ore continued to squeeze the profits of mid- and downstream products, leading to a certain deviation between the trends of nickel ore and the futures market. Nickel prices have continued to weaken recently, approaching the cost of pyrometallurgy and compressing the profits of nickel enterprises. However, there have been no large-scale production cuts by enterprises so far, and the supply surplus situation has not significantly eased. The nickel ore market has been relatively quiet, with ore prices remaining stable. It is expected that nickel ore resources for July will start to be sold this week. In the Philippines, mines are mostly adopting a wait-and-see attitude and are cautious in quoting prices. Some downstream iron plants have entered the raw material procurement and stockpiling period, but due to profit losses, they are not highly willing to accept excessively high nickel ore prices. In Indonesia, the shortage of nickel ore supply persists, with declining ore grades and high prices for high-grade ore remaining. The domestic trade benchmark price for June (Phase II) is expected to fall by approximately $0.3-0.5. The current domestic trade premium remains at 26-28, and subsequent premiums will enter a negotiation period. The end-use demand for new energy is in the off-season, with production schedules for ternary cathode materials in June declining. Battery manufacturers have previously stockpiled sufficient raw materials, resulting in low procurement demand. Nickel sulphate prices have remained firm, maintaining a relatively high level. The tight supply situation for intermediate products at the raw material end continues, with intermediate product prices remaining firm. However, with some nickel iron production lines currently switching to produce nickel matte, the tight supply situation for intermediate products may improve, putting pressure on further nickel sulphate price increases. Downstream ternary cathode manufacturers are not highly willing to accept high-priced nickel sulphate, and with demand remaining weak, nickel sulphate continues to face pressure. In the short term, supported by nickel sulphate costs, industrial profits remain low, and prices are maintained at cost-based pricing levels. Regarding the outlook, Jinrui Futures commented that with the resource end being suppressed by stainless steel, the driving force for cost increases in Class 1 nickel has weakened. Meanwhile, as Indonesia's supply-side policies have become more stable, the sustainability of additional support for Class 1 nickel demand in H2 is in question. The driving force for nickel price increases has weakened, while there is still cost support on the downside. Anchoring on the cost of pyrometallurgical electrodeposited nickel, the price range may converge.

SMM News on June 10: Metal Market: As of the daytime close, domestic market base metals showed mixed performance. SHFE zinc and SHFE nickel both fell by over 1%, with SHFE zinc down 1.27% and SHFE nickel down 1.06%. SHFE copper, SHFE lead, and SHFE tin all rose, with SHFE lead leading the gains with a 0.9% increase, SHFE copper up 0.27%, and SHFE tin up 0.21%. The main alumina contract fell by 0.31%, while the main cast aluminum alloy contract surged over 5% on its debut trading day, closing at 19,190 yuan/mt with a 4.49% increase as of the daytime close. 》Surged over 5% on debut! Cast aluminum alloy makes a "strong start" - can it sustain the momentum? [SMM Flash News] In addition, the main lithium carbonate contract rose by 0.16%, the main polysilicon contract fell by 0.83%, and the main silicon metal contract rose by 0.82%. The main European container shipping contract fell by 0.95%. The ferrous metals series showed mixed performance. Stainless steel fell by 1.46%, iron ore fell by 0.85%, and HRC closed flat at 3,089 yuan/mt. In the coking coal and coke segment, coking coal rose by 0.51% and coke rose by 0.48%. In the overseas market, as of 15:09, overseas market metals showed mixed performance. LME lead rose by 0.38%, LME copper fell by 0.44%, and LME tin fell by 0.42%. LME lead led the gains with a 0.38% increase, while the price fluctuations of other metals were relatively small. In the precious metals segment, as of 15:09, COMEX gold fell by 0.26% and COMEX silver fell by 0.6%. Domestically, SHFE gold fell by 0.03% and SHFE silver rose by 0.62%. Market movements as of 15:09 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspect: [NDRC: Will propose a batch of major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood] The State Council Information Office held a press conference at 10 a.m. today, inviting Xiao Weiming, Deputy Secretary-General of the National Development and Reform Commission (NDRC), and relevant officials from the Ministry of Education, Ministry of Civil Affairs, Ministry of Finance, Ministry of Human Resources and Social Security, and National Health Commission to introduce policies on further safeguarding and improving people's livelihood and answer questions from reporters. Xiao Weiming, Deputy Secretary-General of the NDRC, stated at the press conference that the NDRC will implement the decisions and arrangements of the CPC Central Committee, work with all parties to prepare the "15th Five-Year Plan" based on thorough surveys, and propose a batch of major strategic tasks, policy initiatives, and engineering projects in the field of people's livelihood to incorporate people's livelihood construction into the national "15th Five-Year Plan" development blueprint. 》Click to view details [PBOC's Open Market Operations Net Withdraw 255.9 Billion Yuan Today] The PBOC conducted 198.6 billion yuan of 7-day reverse repo operations today. As 454.5 billion yuan of 7-day reverse repos matured today, a net withdrawal of 255.9 billion yuan was realized on the day. ► On June 10, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.1840 yuan per US dollar. US dollar side: As of 15:09, the US dollar index rose by 0.3% to 99.32. In the US, inflation expectations among the public pulled back in May, and the market held certain expectations for the US Fed to cut interest rates in H2. This week, US inflation data will be released, which is expected to provide more guidance on the direction of the US Fed's policy. A report released by the Federal Reserve Bank of New York on Monday showed that in May, US citizens' anxiety about the future inflation path eased somewhat, and their views on their personal financial situations became more optimistic. The New York Fed pointed out in its May Survey of Consumer Expectations report that inflation expectations across all timeframes it measures had pulled back. Respondents' one-year inflation expectation was 3.2%, compared to 3.6% in April; the three-year inflation expectation was 3%, compared to 3.2% in April; and the five-year inflation expectation was 2.6%, compared to 2.7% in April. Macro side: Today, data such as China's M2 money supply annual growth rate for May, China's total social financing for the year to date as of May, China's new RMB loans for the year to date as of May, the UK's unemployment rate for April (ILO standard), the UK's average weekly earnings including bonuses for the three months to April (annual growth rate), Australia's ANZ consumer confidence index for the week ending June 8, Switzerland's consumer confidence index for May (seasonally adjusted), and the Eurozone's Sentix investor confidence index for June will be released. In addition, the deadline for the EU's public consultation is June 10, 2025. This date marks the final window of peace before the EU considers imposing retaliatory tariffs on US goods worth up to 95 billion euros. He Lifeng visited the UK from June 8 to 13 and held the first meeting of the China-US economic and trade consultation mechanism. Crude oil side: As of 15:09, oil prices in both markets rose together, with US crude oil up by 0.05% and Brent crude oil up by 0.13%. The market is looking forward to the results of the new round of China-US economic and trade talks. The overall macro atmosphere is optimistic, and oil prices continue to rebound towards the previous high resistance area. The progress of negotiations between the US and Iran on the nuclear agreement remains unclear, with significant differences between the two sides on key terms. US sanctions have caused buyers to waver in their procurement positions, and Iran's crude oil exports have been hindered. OPEC+ ended its voluntary production cut policy that had lasted for two and a half years in April this year, clearly formulating a production increase plan for May-July, and beginning a new round of production increase cycle. It may continue to maintain a daily production increase of 411,000 barrels in August-September. However, from the perspective of actual implementation, this production increase process has not been smooth. According to Bloomberg, the actual crude oil production of eight OPEC countries that planned to increase production in May only increased by 140,000 barrels per day (bpd) compared to April, far below the original target of 410,000 bpd. Among them, Saudi Arabia actually increased production by 110,000 bpd, while countries like Iraq, the UAE, and Kazakhstan, which often exceeded production quotas in the past, maintained relatively stable production levels this time, without further violations of the production agreement. Taking a comprehensive view of the data from April to May, the total actual production increase of OPEC+ over these two months was only 100,000 bpd, far from the planned target of 550,000 bpd. The implementation of OPEC's subsequent production increase plans may face significant challenges, and there is considerable uncertainty about whether the expected production increase targets can be achieved as scheduled. This also implies that the degree of supply surplus in the crude oil market may not be as severe as previously estimated by the market. (Wenhua Comprehensive) SMM Daily Review ► Stainless steel in the doldrums, raw materials under pressure, short-term nickel iron prices may be in the doldrums [NPI Daily Review] ► [SMM Nickel Sulphate Daily Review] On June 10, nickel salt prices remained stable. ► [SMM MHP Daily Review] On June 10, Indonesian MHP prices rose slightly.

Data from the Online Inquiry Platform for Customs Statistics showed that China's nickel iron imports in April 2025 were 816,932.367 mt, down 16.44% MoM and up 12.83% YoY. Indonesia was the largest supplier, with 794,758.568 mt of nickel iron imported from the country that month, down 16.64% MoM and up 12.95% YoY. Colombia was the second-largest supplier, with 7,408.632 mt of nickel iron imported from the country that month, up 19.77% MoM and up 47.34% YoY. Below is a breakdown of nickel iron imports in April 2025 compiled based on data from the General Administration of Customs of China (GACC) website: Note: The total import/export volume also includes data from origins not listed in the table above.

SMM May 20 report: According to customs data, nickel ore imports in March 2025 reached 2.9441 million mt, up 1.3788 million mt MoM, representing an increase of 89.81%, and down 28,000 mt YoY, a decrease of 0.95%. Among them, imports of laterite nickel ore amounted to 2.674 million mt, while imports of nickel sulphide ore reached 43,300 mt. In March, 2.4917 million mt of laterite nickel ore were imported from the Philippines, accounting for 85.5% of the total imports for the month. The cumulative imports for 2025 currently stand at 6.5073 million mt, down 3.35% compared to the same period last year.

Advance Notice of Concentrated Procurement of Ferronickel 35 by JISCO Stainless Steel Branch in June 2025 The Supply Chain Management Branch is issuing an advance notice of concentrated procurement of ferronickel 35 by JISCO Stainless Steel Branch in June 2025. Qualified suppliers are invited to participate in the registration. The details are as follows: I. Project Overview Project Name: Advance Notice of Concentrated Procurement of Ferronickel 35 by JISCO Stainless Steel Branch in June 2025 Procuring Entity: Supply Chain Management Branch Delivery Location: Stainless Steel Alloy Warehouse, Material Supply Operation Area, JISCO Storage and Transportation Department Estimated Start Date of Supply/Construction: June 1, 2025 Estimated End Date of Supply/Construction: June 30, 2025 Procurement Content: Click to view the content II. Registration Qualification Requirements 1. The applicant must be an independent legal entity within the territory of the People's Republic of China. 2. The applicant must not be listed as a dishonest person subject to enforcement by the Supreme People's Court on the "Credit China" website or any credit information sharing platform at any level. 3. The applicant shall accept the payment method of the bid inviter (payment after account posting, spot exchange). 4. The applicant shall have the capability to respond to the tender project. III. Registration Method Suppliers must respond to the notice within the specified time frame and log in to the electronic tendering and bidding system ( https://eps.jiugangbid.com/ ). Unregistered suppliers must first complete the registration process, then click "I Want to Register" for the corresponding procurement notice and fill in the relevant information. IV. Registration Deadline 18:08 on May 26, 2025 V. Communication and Feedback 1. If applicants have any questions about this notice, they may inquire with the contact person for procurement release. Contact Person: Zhou Kuangsheng, Contact Number: 13993783567. VI. Complaints and Inquiries For complaints and inquiries regarding procurement activities, please send the information to the email address of the Transaction Supervision Office of JISCO Trading Center (jyjds@jiugang.com), Contact Number: 0937-6713939. Relevant Attachments None Supply Chain Management Branch May 19, 2025 Click to view tender details: 》Advance Notice of Concentrated Procurement of Ferronickel 35 by JISCO Stainless Steel Branch in June 2025

【Minutes of Morning Meeting on April 30】Affected by the production cuts in Indonesia's MHP and high-grade nickel matte projects, the supply of raw materials is tight, driving the MHP coefficient to continue fluctuating at highs, with insufficient downward momentum. Supply side, some nickel salt smelters have limited quantities available for external sale in the remaining days of May, hence their quotations remain firm. Some nickel salt smelters have expectations for production cuts due to incomplete raw material stocking.