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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%, and the FOB price of Indonesian MHP is $12,526/mt Ni.
Supply side, this month, with the resumption of production at Indonesian MHP projects, overall MHP production in June has rebounded. Demand side, this week, some nickel salt smelters have been inquiring about orders, but most buyers' acceptance of MHP prices remains limited. Overall purchasing sentiment has warmed up slightly but remains at a low level. Taking everything into account, considering the current cost pressure on 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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![[SMM Analysis] Influenced by macro sentiment, MHP and high-grade nickel matte prices declined this week.](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
