【SMM MHP Daily Review】April 18, Indonesian MHP Prices Rebounded

Published: Apr 18, 2025 10:53

Save

Recently, influenced by the continuous rise in futures prices, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) has reached 83.5%-84%. The FOB price of Indonesian MHP is $12,507/mt (Ni contained).

》View SMM Nickel Quotes, Data, and Market Analysis

Recently, influenced by the continuous rise in futures prices. As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) is 83.5%-84%, and the FOB price of Indonesian MHP is $12,507/mt (Ni contained).

Demand side, some nickel salt smelters still have restocking needs in Q2. Recently, due to the decline in LME nickel prices, the activity of nickel salt smelters inquiring about MHP has increased. Supply side, recently, based on the low LME nickel prices and the low inventory of MHP, some traders have stopped quoting. Market transactions are relatively quiet. Looking ahead, due to production cuts in Indonesian high-grade nickel matte projects, the market demand for MHP has increased, so the downward momentum of the MHP coefficient is insufficient. Currently, the circulation of MHP in the market remains at a low level, and downstream still has restocking needs in Q2, so market transactions and quotation coefficients are expected to continue to fluctuate at highs.

》View SMM Nickel Product Spot Quotes

》Order and View SMM Metal Spot Historical Price Trends

【For more content, please subscribe to SMM Nickel Research Group products "China Nickel-Chromium-Stainless Steel Industry Chain Regular Report" and "China Nickel-Chromium-Stainless Steel Industry Chain High-End Report" to obtainthe latest data analysis and market insights on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore,ferrochrome, and stainless steel (China + Indonesia)!】

》Click to Subscribe to SMM China Nickel Industry Chain Annual Report, Master Comprehensive and In-depth Industry Chain Data, Survey Information, and SMM Professional Analysis

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Nickel Midday Commentary] On March 26, influenced by expectations surrounding the policy of “Indonesia's proposed levy of a nickel export tax,” nickel prices rose significantly

1 hour ago

2 hours ago

【SMM Flash News】Indonesia's HPM Forecasted to Decrease 1.37% in Early April

SMM forecasts a marginal softening in the Indonesian domestic nickel ore benchmark (HPM) for the first half of April 2026, with prices expected to decline by 1.37%. This downward adjustment is primarily driven by a $236.56/dmt drop in the HMA, which is projected to settle at $17,093/dmt. Based on an MC35% calculation, the revised HPM targets across key grades are as follows: • Ni 1.2%: USD 17.33/wmt (↓ $0.24) • Ni 1.6%: USD 30.22/wmt (↓ $0.42) • Ni 1.7%: USD 34.00/wmt (↓ $0.47) • Ni 1.8%: USD 38.00/wmt (↓ $0.53) • Ni 2.0%: USD 46.66/wmt (↓ $0.65)

2 hours ago

【SMM Nickel Flash News】Nickel Industries Suspends Hengjaya Mine Operations Following Fatality

According to Nickel Industries Announcement, Nickel Industries Limited has officially suspended all operations at its Hengjaya Mine in Indonesia following a fatal incident reported on March 25, with a formal investigation by the Ministry of Energy and Mineral Resources (ESDM) set to commence on March 27.

2 hours ago