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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 83.5%-84%, with Indonesian MHP FOB prices at $12,471/mt Ni.
Supply side, June's overall MHP production rebounded due to resumed operations at Indonesian MHP projects. Additionally, affected by the delayed Congo (DRC) cobalt export ban, some traders have suspended quotations. Demand side, several nickel salt smelters inquired about orders this week, though most buyers' price acceptance for MHP remained limited. Overall procurement sentiment warmed slightly but stayed at a low level. Overall, policy changes in the DRC's cobalt sector may drive upward adjustments in cobalt coefficients within MHP, while nickel coefficients face upward pressure but are expected to stabilize in the short term.
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