[SMM MHP Daily Review] July 3: MHP prices in Indonesia rise slightly

As of now, the MHP coefficient (relative to SMM battery-grade nickel sulphate index) stands at 83.5%-84%, with Indonesia MHP FOB prices at $12,491/mt Ni.

Supply-side analysis shows June's overall MHP production rebounded due to resumed operations at Indonesia's MHP projects. Additionally, affected by the delayed DRC cobalt export ban, some traders have suspended quoting. Demand-side developments indicate limited buyer acceptance of MHP prices this week despite inquiries from certain nickel salt smelters, with procurement sentiment improving slightly from low levels. Overall, DRC's cobalt policy changes may drive the cobalt component in MHP higher, while nickel coefficients face upward pressure and are expected to stabilize in the short term.

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