【4.24 Morning Meeting Minutes】Spot Market: Today, the price of SMM #1 refined nickel was 125,700-128,150 yuan/mt, with an average price of 126,925 yuan/mt, up by 225 yuan/mt compared to the previous trading day. The mainstream spot premium quotation range for Jinchuan #1 nickel was 2,100-2,400 yuan/mt, with an average premium of 2,250 yuan/mt, unchanged from the previous trading day. The premium and discount quotation range for Russian nickel was 200-300 yuan/mt, with an average premium of 250 yuan/mt, up by 100 yuan/mt compared to the previous trading day.

【4.18 Morning Meeting Minutes】In the short term, the domestic trade premium for nickel ore remained stable, with strong cost support for smelters, while production remained steady despite declining profits. Demand side, stainless steel prices recently experienced a significant decline, with weak market purchasing sentiment and subdued raw material procurement demand from stainless steel mills. In the short term, high-grade NPI prices continued to face downward pressure.

【4.17 Morning Meeting Minutes】Following the announcement of Trump's tariff policy, nickel prices experienced a significant decline, and domestic NPI prices fell within the week, leading to reduced acceptance of high-priced nickel ore. From an inventory perspective, the in-plant inventory of domestic nickel iron factories remained relatively low, and just-in-time procurement demand persisted, but the acceptance of nickel ore prices was limited.

【4.16 Morning Meeting Minutes】Currently, domestic smelters maintain low nickel ore inventory, coupled with declining smelter profits. Some enterprises are still in the maintenance period, and overall production remains at a low level. In Indonesia, the short-term domestic trade premium for nickel ore remains stable. The policy of increasing tax rates on nickel ore in Indonesia is expected to be strong, providing strong cost support for smelters. Meanwhile, production remains stable despite declining profits.

【4.15 Morning Meeting Minutes】Due to the reduction of high-grade nickel in Indonesia, the market demand for MHP increased, driving the continuous rise of the MHP coefficient. Recent floods in Indonesia led to a decrease in MHP supply, further pushing up the MHP quotation coefficient. On the LME nickel front, prices continued to decline recently due to US tariff policies. The overall production costs of nickel salt smelters pulled back. Supply side, this week, based on reduced production costs, some nickel salt smelters lowered their quotations.

【4.7 Morning Meeting Minutes】Last week, nickel prices showed a fluctuating trend at lows after a sharp decline. The price of SMM #1 refined nickel fluctuated between 118,750 and 124,800 yuan/mt, while the SHFE nickel futures price (2505 contract) ranged from 115,450 to 121,850 yuan/mt. Macro-wise, the repeated changes in Sino-US tariff policies and disruptions in Indonesian nickel ore supply were the main factors affecting nickel prices.

[3.10 Morning Meeting Summary] Last week, the FOB prices of medium- and high-grade nickel ore from the Philippines pulled back after a surge. In the low-Ni, high-Fe ore market, the rainy season in the Philippines is expected to end soon, and mines are gradually offering quotes for March shipments, with current FOB transaction prices slightly easing compared to pre-rainy season levels. For medium- and high-grade nickel ore, influenced by the rising prices of Indonesian ore and the continuous increase in downstream nickel pig iron prices, Philippine mines still show a sentiment to stand firm on quotes.

[3.10 Morning Meeting Summary] Last week, the FOB prices of Philippine medium- and high-grade nickel ore pulled back after a surge. In the low-Ni, high-Fe ore market, the rainy season in the Philippines is expected to end soon, and mines are gradually offering quotes for March shipments, with current FOB transaction prices showing some easing compared to pre-rainy season levels. For medium- and high-grade nickel ore, influenced by the rising prices of Indonesian ore and the continuous increase in downstream nickel pig iron prices, Philippine mines still exhibit a sentiment to stand firm on quotes.