As of this Thursday, the SMM average price of battery-grade nickel sulphate rose compared to pre-holiday levels. Demand side, downstream players had not yet initiated large-scale procurement after the holiday, while some enterprises saw a recovery in May production schedules and still had certain raw material demand. Supply side, as nickel prices, MHP payables, and auxiliary material prices remained elevated this week, some producers faced high spot costs, and nickel salt quotations were correspondingly pushed up. Looking ahead, nickel salt cost support remains relatively strong in the near term, and attention should be paid to the cost support from nickel prices and intermediate products going forward. Inventory, the upstream nickel salt smelter inventory index rose slightly from 5.5 days to 5.6 days this week, the downstream precursor plant inventory index declined from 11 days to 10 days, and the integrated enterprise inventory index held at 6.8 days. In terms of buying and selling strength, the upstream nickel salt smelter Willingness to Sell Sentiment Factor held at 2 this week, the downstream precursor plant procurement sentiment factor declined from 2.9 to 2.6, and the integrated enterprise sentiment factor held at 2.6. (Historical data can be accessed by logging into the database.)

Today, SMM quoted premiums of TD-20 to 0 yuan/kg for the SGE Ag(T+D), with an average of -10 yuan/kg. As news of US-Iran peace talks boosted silver futures to surge, downstream purchase willingness was low with a wait-and-see attitude prevailing. Some traders had not yet participated in quotations after the Labour Day holiday, and suppliers generally reported that transactions were quite difficult. During the morning session in Shanghai, suppliers of national-standard silver ingots quoted mainstream quotations against TD at discounts of 20 yuan/kg to 0 yuan/kg. Some non-registered national-standard silver ingots deviated from mainstream quotations with discounts. Major smelter silver ingots were mostly quoted at TD discounts of 10 yuan/kg to parity, but transactions were difficult. Only some downstream enterprises made small purchases for rigid demand. In Shenzhen, a few non-delivery brands maintained larger discounts. The overall spot market remained sluggish today.

With continued signals about ending the Iran conflict, platinum futures prices continued to surge today. During the morning session, the most-traded PT2606 contract on the Guangzhou Futures Exchange (GFEX) closed at 519.05 yuan/gram, up 3.21%, and the inversion between SGE Pt9995 and GFEX PT2606 ended. Spot side, mainstream spot premiums widened slightly compared to the previous trading day. During the morning session, mainstream quotations from spot platinum traders were at a discount of 3-4 yuan/gram against the GFEX PT2606 contract, with some enterprises not participating in market quotations due to invoicing rectification or temporarily having no spot inventory. Transaction side, according to SMM, downstream purchase willingness was low amid the sharp rise in futures, with buyers taking a cautious wait-and-see approach. Morning mainstream quotations at a discount of 3-4 yuan/gram against GFEX saw few transactions, and overall spot market trading remained sluggish.

[SMM Lead Morning Meeting Minutes: Limited Macro and Fundamental Positives, Insufficient Momentum for Lead Price Increases] US Trump said a US-Iran deal was "very likely," threatening stronger bombing if talks failed. After the Labour Day holiday, the lead market resumed normal trading, with lead ingot arrivals increasing at warehouses in multiple regions...

[SMM Tungsten Daily Review: Tungsten Market Trading Sluggish, Awaiting Tomorrow's Long-Term Contract to Set the Tone] SMM May 6 News: On the first day after the holiday, China's tungsten market continued its weak consolidation trend. The upstream raw material market was waiting for tomorrow's long-term contract guidance price, with very few transactions in the market. Downstream powder and cemented carbide intermediate products showed a catch-up decline. Wait-and-see sentiment pervaded the market, with transactions across all segments dominated by scattered small orders for rigid demand, lacking support from bulk transactions.

On May 6, 2026, following a brief morning suspension, one of the Indonesia's stainless steel mill raised export quotations across all series by $30/mt. According to SMM analysis, the hike is driven by the convergence of positive holiday-period policies and the introduction of "windfall tax" expectations, which have funneled cost premiums directly to downstream products. Indonesian 304 CRC FOB offers are now positioned at approximately $2,227/mt. Bullish sentiment is expected to ripple across Asia as the solidified cost floor pressures other regional producers to follow suit.

[SMM Chrome Daily Review: Post-Holiday Market Temporarily Stable, Trading Activity Limited] May 6, 2026: The ferrochrome and chrome ore market saw limited fluctuations...

Futures platinum prices rose sharply today during the daytime session. The most-traded PT2606 contract on the Guangzhou Futures Exchange closed at 505.4 yuan/gram in the morning session, up 4.14%, ending the inversion between SGE Platinum 9995 and GFEX PT2606. Spot side, mainstream quotations for spot premiums were basically flat compared to the last trading day before the holiday. In the morning session, spot platinum traders' mainstream quotations were at a discount of 2-3 yuan/gram to GFEX PT2606. Some enterprises still refrained from participating in market quotations due to invoicing rectification reasons. Transaction side, according to SMM, it was difficult to close deals at the morning session quotation of a 2 yuan/gram discount to GFEX. As futures prices continued to rise during the morning session, some enterprises chose to lower their premiums. Downstream enterprises generally had low purchase willingness due to the sharp rise in futures prices and mostly adopted a wait-and-see approach. Overall spot market transactions were sluggish.

SMM Nickel News, May 6: Review of the Labour Day Holiday Market: During the Labour Day holiday (May 1–May 5), LME nickel overall consolidated at highs and moved sideways with relatively small fluctuations. On May 1, LME nickel closed at $19,410/mt. During the European session on May 5, LME nickel opened at $19,350/mt, reaching an intraday high of $19,515/mt and a low of $19,205/mt, holding up well. Overall during the holiday, LME nickel mainstream quotations were basically flat compared to pre-holiday levels. LME nickel inventory recorded a decrease of 1,002 mt for the week, while China's spot market saw no concentrated transactions due to the holiday closure. In the early session on the first trading day after the holiday, LME nickel once surged to a high of $20,000/mt, breaking through the previous high with a gain of approximately 1.6%. In China, the most-traded SHFE nickel contract broke through 155,000 yuan/mt, with an intraday gain of approximately 3.8%. Macro and Market News: (1) To maintain ample liquidity in the banking system, on May 6, 2026, the People's Bank of China will conduct 300 billion yuan in outright reverse repo operations through fixed-quantity, interest rate tender, and multiple-price winning methods, with a term of 3 months (91 days) and a maturity date of August 5, 2026 (to be extended in case of holidays). (2) On the evening of May 5 US Eastern Time, US President Trump posted on social media, stating that the "Freedom Plan" to "facilitate" vessel passage through the Strait of Hormuz will be suspended in the short term. Spot Market: On May 6, SMM #1 refined nickel prices rose by 2,800 yuan/mt from the previous trading day. Regarding spot premiums, Jinchuan #1 refined nickel averaged 1,250 yuan/mt, down 100 yuan/mt from the previous trading day. Domestic mainstream brand electrodeposited nickel premiums ranged from -800 to 100 yuan/mt. Currently, the US-Iran standoff continues, and passage through the Strait of Hormuz has yet to return to normal. Neither side has made concessions on negotiation issues. Affected by disrupted sulfur supply, production costs of hydrometallurgy intermediate products have risen significantly, providing solid "cost floor support" for refined nickel. However, affected by sluggish downstream consumption, China's nickel inventory remains in a state of significant inventory buildup. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000–155,000 yuan/mt.

On May 6, 2026, Indonesian stainless steel mill suspended all export quotations in response to surging production costs. According to SMM research, the implementation of Indonesia's new HPM pricing formula has funneled upstream mining premiums directly into the smelting sector. Combined with expected supply tightening due to mine maintenance in May, cost-side support has intensified. Prior to the suspension, 304 CRC FOB export offers had already reached a high of $2,197/mt. Industry analysts view this halt as a strategic move to prepare for a fresh round of price hikes driven by persistent raw material inflation.