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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 Indonesian MHP FOB prices at $12,478/mt Ni.
Supply side, this month's MHP production rebounded overall as Indonesian MHP projects resumed operations. Additionally, impacted by the delayed cobalt export ban in the DRC, some traders have suspended quotations. Demand side, several nickel salt smelters placed inquiries this week, though most buyers' acceptance of MHP prices remained limited. Overall procurement sentiment warmed slightly but stayed at a low level. In summary, DRC's cobalt policy changes may drive upward movement in the cobalt component of MHP coefficients. Pressure persists on nickel coefficient increases, with short-term stability expected.
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