[SMM MHP Daily Review] October 17 MHP Cobalt Quotation Coefficient Remains High, Transaction Coefficient Holds Steady

As of now, the FOB price for Indonesian MHP nickel is 13,204 yuan per mt Ni, and the FOB price for Indonesian MHP cobalt is $34,156 per mt Co.

Supply side, recently, in the spot market, some traders have limited available inventory for sale, supporting high quotations. The current mainstream quotations for the nickel payables coefficient are 89-90%,with the mainstream transaction coefficient at 89%.The DRC policy announced an extension of the export ban and the implementation of quotas, coupled with downstream restocking, which has also driven up cobalt sulphate prices, pushing the quotation and transaction coefficient for cobalt in MHP higher. The current mainstream quotations are 80-85%,with the mainstream transaction coefficient at 80; there is no news of transactions for the 85-series yet.Demand side, affected by the extension of the DRC export ban and quotas, some nickel salt smelters and refined nickel plants have recently inquired and restocked, leading to an overall increase in procurement sentiment. Overall, the market supply and demand are tight, and the nickel payables and cobalt payables are expected to remain supported at high levels.

[For more content, subscribe to SMM Nickel Research Group products "China Nickel-Chrome-Stainless Steel Industry Chain Regular Report" and "China Nickel-Chrome-Stainless Steel Industry Chain High-end Report" to obtainthe latest data analysis and market insights on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore,ferrochrome, and stainless steel (China + Indonesia)!]