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 $12,384/mt Ni.
Supply side, recent MHP market circulation has been relatively tight, with some traders reporting depleted available volumes. Affected by DRC policy changes, the cobalt coefficient in MHP quotations from certain traders has risen. Some producers have started offering Q4 MHP. Demand side, nickel salt smelters inquired this week, but overall purchasing sentiment remained weak. Market supply and demand remain tight, and prices are expected to stabilize in the short term.
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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)
