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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,579/mt Ni.
Supply side, due to the ongoing suspension of high-grade nickel matte projects in Indonesia and the impact of new refined nickel projects coming online, the supply-demand pattern in the MHP market in Q3 is expected to remain tight, driving seller quotes to remain at elevated levels. Demand side, this month, downstream enterprises, given the high MHP procurement coefficient, have shown a relatively cautious procurement sentiment overall, apart from meeting rigid stocking demand. Considering the current cost pressures on downstream enterprises, which make it difficult to support the acceptance of excessively high MHP prices, SMM expects that there may be some downside room for MHP prices.
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