【SMM MHP Daily Review】April 2, MHP Quotation Coefficient Continues to Rise

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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 82.5%-83%, with the FOB price of Indonesian MHP at $12,810/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, resulting in a reduction. Additionally, some projects in Indonesia saw increased production due to the resumption of production days in March. Overall, Indonesian MHP production decreased by approximately 2.7% MoM in March. 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, leading to insufficient downward momentum in the MHP coefficient. Currently, the market circulation of MHP remains at a low level, and downstream restocking demand in Q2 has driven continuous increases in market transactions and the quotation coefficient. This week, traders have raised the MHP quotation coefficient.

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