【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.

[SMM Daily Review: High-Grade NPI Market Center Continues to Rise, Prices Expected to Remain Relatively Stable with Strong Trend in the Short Term] March 12—The average price of SMM 8-12% high-grade NPI was 1,000 yuan/mtu (ex-factory, tax included), up by 2.5 yuan/mtu compared to the previous working day...

[3.12 Morning Meeting Summary] On March 11, the SMM battery-grade nickel sulphate index price was 27,227 yuan/mt, and the quotation range for battery-grade nickel sulphate was 27,180-27,880 yuan/mt, with the average price increasing WoW. Cost side, recent LME nickel prices have been rising continuously. Meanwhile, the decision by Congo to suspend cobalt exports has led to a significant increase in cobalt prices, further driving up the cobalt coefficient in MHP. Additionally, MHP sellers have shown strong sentiment to stand firm on quotes, causing the MHP coefficient to continue rising, with some traders ceasing to offer quotes. It is expected that the cost of nickel sulphate still has room to increase.

[SMM Daily Review: High-Grade NPI Prices Gradually Transmit Downstream, Prices Expected to Fluctuate Upward in the Short Term] On March 11, the SMM 8-12% high-grade NPI average price was 997.5 yuan/mtu (ex-factory, tax included), up 1 yuan/mtu from the previous working day...

[3.11 Morning Meeting Summary] On March 10, the SMM battery-grade nickel sulphate index price was 27,142 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,100-27,800 yuan/mt, and the average price increased WoW. Cost side, recent LME nickel prices rose to $16,435. Meanwhile, the decision by Congo to suspend cobalt exports led to a significant increase in cobalt prices, further driving up the MHP cobalt coefficient. In addition, MHP sellers showed strong sentiment to stand firm on quotes, with the MHP coefficient continuing to rise, and some traders have stopped quoting.