As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) ranges from 83.5% to 84%, and the FOB price of Indonesian MHP is $12,606/mt Ni.

[SMM Daily Review: Market inquiry activity increases, market sentiment for high-grade NPI recovers slightly] On July 24th, the average price of SMM 8-12% high-grade NPI was 909 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu from the previous working day...

On July 24, the SMM battery-grade nickel sulphate index price was 27,000 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,010-27,510 yuan/mt, and the average price rising slightly compared to yesterday.

Spot supply of nickel sulphate is tight, and nickel salt prices rose slightly this week

To better serve upstream and downstream enterprises in the NPI industry chain, promptly reflect market transaction conditions, and help enterprises reduce transaction costs. SMM has decided to adjust the publish time for the Indonesian NPI FOB price from 10:30 A.M. Jakarta time on the last working day of each week to 10:30 A.M. Jakarta time on every working day, starting from July 28, 2025.

[SMM Daily Review: Macro Sentiment Drives Bullish Expectations, Center of High-Grade NPI Quotations Moves Upward] On July 23, the average price of SMM 8-12% high-grade NPI was 907.5 yuan/mtu (ex-factory, tax included), up 4.5 yuan/mtu from the previous working day...

The current global macro environment is complex and volatile, with intensified trade frictions and escalating geopolitical risks, exacerbating market concerns about global economic growth. Domestic "supply-side reform" and loose US dollar liquidity provide phased support for nickel prices in H2. However, short-term sentiment fluctuations have not altered the medium and long-term supply and demand logic. Global refined nickel capacity continues to expand in H2, with no significant production cuts yet observed. Demand-side recovery remains sluggish, the electroplating market is relatively stable, and alloy special steel demand has improved but with limited increments. Factors such as increased Indonesian production, tariff impacts, and weak demand still pose downside risks for nickel prices. Overall, it is expected that the tug-of-war between longs and shorts in nickel prices will intensify in H2, with the core fluctuation range being 115,000-128,000 yuan/mt.

On July 23, the SMM battery-grade nickel sulphate index price was 26,989 yuan/mt, with the quotation range for battery-grade nickel sulphate being 27,000-27,500 yuan/mt, and the average price remaining unchanged from the previous day.

The "anti-rat race" policy continues to stimulate a rebound in the commodity market.