【SMM MHP Daily Review】March 27, MHP Coefficient Lacks Downward Momentum

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Due to the flood disaster in Indonesia, the production and operation of the MHP project in the Morowali Industrial Park were affected, resulting in a reduction in output. According to preliminary assessments, the production cuts are expected to last for about a week, and the extent of the impact is yet to be confirmed. SMM will continue to monitor the situation.

As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 82%-82.5%, and the FOB price of Indonesian MHP is $12,751/mt (Ni contained).

Due to production cuts in Indonesia's high-grade nickel matte projects, market demand for MHP has increased, leading to insufficient downward momentum in the MHP coefficient. Currently, the market circulation of MHP remains at a low level, with most traders facing critical inventory shortages. Some nickel salt smelters have yet to secure sufficient inventory for Q2, causing the market transaction coefficient to continue rising. Affected by the floods, the MHP coefficient may have further upward potential.

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