[SMM MHP Daily Review] June 26: MHP prices in Indonesia rise slightly

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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 83.5%-84%, with the FOB price of Indonesian MHP at $12,424/mt Ni.

Supply side, production of MHP rebounded in June as Indonesian MHP projects resumed operations. Additionally, due to the extension of the cobalt ban in the DRC, some traders have suspended quotations. Demand side, nickel salt smelters inquired this week, but most buyers remained reluctant to accept current MHP prices. Procurement sentiment warmed slightly but stayed at low levels. Overall, policy changes in the DRC may push up the cobalt coefficient in MHP. The nickel coefficient faces upward pressure but is expected to remain stable in the short term.

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