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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 $12,415/mt Ni.
Supply side, with the resumption of production at Indonesian MHP projects this month, overall MHP production in June has rebounded. Additionally, due to the extension of the cobalt ban in the DRC, some traders have ceased quoting prices. Demand side, this week, some nickel salt smelters have inquired about orders, but most buyers' acceptance of MHP prices remains limited. Overall purchasing sentiment has warmed slightly but remains at a low level. Overall, changes in the DRC's cobalt policy may drive up the cobalt coefficient in MHP. The nickel coefficient is under upward pressure and is expected to remain stable in the short term.
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