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On March 18, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) was 81%-81.5%, and the FOB price of Indonesian MHP was $12,857/mt (Ni contained).
Due to reduced production from Indonesian high-grade nickel matte projects, market demand for MHP has increased, driving its coefficient to rise continuously. Additionally, policy changes in the DRC have pushed cobalt prices higher, thereby increasing the cobalt pricing coefficient in MHP. Cost side, the price of Indonesian wet-process nickel ore has been gradually rising, and new HMA policies may lead to higher floating tax rates, further increasing MHP costs. Meanwhile, the price of sulphur, an auxiliary material required for MHP production, has been continuously climbing, further pushing up MHP costs. Currently, MHP sellers generally stand firm on quotes.
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