Check SMM Nickel Prices, Data, and Market Analysis
On March 25, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) was 81.5%-82%, with the FOB price of Indonesian MHP at $12,780/mt (Ni contained), based on declining LME nickel prices.
To date, MHP market circulation remained at a low level, with most traders facing inventory shortages. Some nickel salt smelters still had not secured sufficient Q2 inventories, leading to a continuous rise in the market transaction coefficient, with little downward pressure expected in the short term. Although the pricing coefficient for cobalt rose to 65%, actual transactions remained at 60%, indicating weak downstream acceptance of higher coefficients. Cost side, Indonesian wet-process nickel ore prices gradually increased, and the new HMA policy might lead to higher floating tax rates, further pushing up MHP production costs. Additionally, rising sulfur prices also added to the cost of producing MHP. The PNBP tax policy in Indonesia could further increase MHP production costs.
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