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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 $12,615/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, pushing seller quotes to stay within a high range. Demand side, this month, downstream enterprises, given the relatively high MHP procurement coefficient, have shown a cautious attitude in overall procurement, except for meeting rigid stocking demand. Considering the cost pressure faced by downstream enterprises, which makes it difficult for them to accept excessively high MHP prices, SMM expects that there may be some downside room for MHP prices.
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