This week, the MHP market generally showed a tight supply-demand balance. In terms of transactions, there were sporadic small-volume trades, with overall MHP trading volume remaining low. Price-wise, current prices were relatively stable; although some sellers had intentions to raise prices, the actual transaction coefficients remained at relatively steady levels. The market is focusing on MHP prices for Q1 next year to prepare for raw material procurement in Q1.
This week, trading activity in the high-grade nickel matte market was sluggish. Some traders suspended their offers, and due to high comprehensive costs, the high-grade nickel matte payable indicator remained elevated.
For the key auxiliary material sulfur, the upward trend continued this week. On the supply-demand front, global sulfur supply remained impacted by the shutdown of Russian refinery facilities, coupled with declining sulfur production from other oil-producing countries worldwide and maintenance on Canadian natural gas pipelines. The crack spread continued to widen, and international sulfur supply remained tight.
After consecutive declines, nickel prices found temporary technical support. Combined with rising expectations for US Fed interest rate cuts, both LME and SHFE prices rebounded, and nickel prices rose MoM. Considering the coefficients, MHP and high-grade nickel matte prices showed an upward trend this week.
