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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 82%-82.5%, with the FOB price of Indonesian MHP at $12,768/mt (Ni contained).
In March, due to flood disasters in Indonesia, the production and operations of the MHP project in the Morowali Industrial Park were affected, leading to a reduction in output. Additionally, some projects in Indonesia saw an increase in production due to the resumption of production days in March. Overall, Indonesian MHP production decreased by approximately 2.7% MoM. It is expected that production will continue to decline in April.
Due to production cuts in Indonesian high-grade nickel matte projects, market demand for MHP has risen, resulting in insufficient downward momentum for 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 not yet prepared sufficient inventory for Q2, leading to a continuous rise in the market transaction coefficient. Affected by the floods, the MHP coefficient may continue to rise, but the extent of the increase is limited by the production cost of refined nickel.
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![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
