As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 83.5%-84%, with the FOB price of Indonesian MHP at $12,368/mt Ni.
Supply side, recent MHP market circulation has been relatively tight, with some traders reporting depleted available volumes. Affected by policy changes in the DRC, the cobalt coefficient in MHP offered by certain traders has risen. Some producers have begun signing orders for Q4 MHP. Demand side, nickel salt smelters inquired this week, though overall purchasing sentiment remained weak. Overall, the market remains tight in supply and demand, and is expected to stabilize in the short term.
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