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As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 83.5%-84%, while the FOB price for Indonesian MHP is $12,420/mt Ni.
From the supply side, June's overall MHP production rebounded due to resumed operations at Indonesian MHP projects. Additionally, impacted by the delayed DRC cobalt export ban, some traders have suspended quotations. On the demand side, several nickel salt smelters inquired about orders this week, though most buyers' acceptance of MHP prices remains limited. Purchasing sentiment has slightly improved but remains at a low level. Overall, policy changes in the DRC's cobalt sector may drive upward movement in the cobalt coefficient of MHP, while upward pressure on the nickel coefficient persists—short-term stabilization is anticipated.
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