【4.21 Morning Meeting Minutes】Last week, nickel ore prices in the Philippines remained stable. From the perspective of supply and demand, the rainy season in the southern Philippines has basically ended, and shipments of medium-grade nickel ore from mines in the Surigao region are expected to increase. On the demand side, domestic NPI prices continued to decline during the week, and domestic smelters' acceptance of high-priced nickel ore decreased.

[SMM Daily Review: Active Market Transactions and Price Increase, Short-Term Prices Expected to Fluctuate Relatively Stable with Strong Trend] March 14—The SMM 8-12% high-grade NPI average price was 1,009 yuan/mtu (ex-factory, tax included), up by 4.5 yuan/mtu compared to the previous working day...

[3.14 Morning Meeting Summary] LME nickel prices fluctuated at high levels this week, and the losses faced by nickel salt smelters became increasingly severe, further driving their sentiment to stand firm on quotes. Currently, the inventory levels of nickel salt smelters are low, and market circulation is relatively limited. Some nickel salt smelters, under the pressure of losses, may consider production cuts. On the demand side, some precursor plants have yet to complete their essential stockpiling for March and still have restocking needs.

[SMM Daily Review: Market Shows Concentrated Trading Atmosphere, Prices Expected to Fluctuate Upward] March 13—The SMM 8-12% high-grade NPI average price was 1,004.5 yuan/mtu (ex-factory, tax included), up by 4.5 yuan/mtu compared to the previous working day...

[3.13 Morning Meeting Summary] On March 12, the SMM 8-12% high-grade NPI average price was 1,000 yuan/mtu (ex-factory, tax included), up by 2.5 yuan/mtu compared to the previous working day. Supply side, domestically, as the Philippines approaches the end of the rainy season, nickel ore output remains relatively tight, ore prices are stable, and smelters' production motivation is weak, leading to low production levels. In Indonesia, some production lines in major producing areas have not shown significant recovery, coupled with lower-than-expected nickel ore output, resulting in overall stable production levels.

[3.13 Morning Meeting Summary] On March 12, the SMM 8-12% high-grade NPI average price was 1,000 yuan/mtu (ex-factory, tax included), up by 2.5 yuan/mtu compared to the previous working day. Supply side, domestically, as the Philippines approaches the end of the rainy season, nickel ore output remains relatively tight. Ore prices are stable, smelters' production motivation is weak, and production remains at low levels. In Indonesia, some production lines in major producing areas have not shown significant recovery. Coupled with lower-than-expected nickel ore supply, overall production remains stable.