[SMM MHP Daily Review] May 28, Indonesian MHP prices decline

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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, with the FOB price of Indonesian MHP at $12,743/mt Ni.

Supply side, due to the ongoing suspension of production at high-grade nickel matte projects in Indonesia, coupled with the impact of new refined nickel projects coming online, the supply-demand pattern in the MHP market in Q3 has been tight, driving seller quotes to remain at a high level. Demand side, this month, downstream enterprises, given the relatively high MHP procurement coefficient, have shown a cautious attitude in overall procurement, apart from meeting rigid stocking demand. Considering the cost pressure faced by downstream enterprises, which makes it difficult for them to accept excessively high MHP prices, SMM expects that there may be some downside room for MHP prices.

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