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On March 20, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) was 81%-81.5%. Based on the decline in LME nickel prices, today's FOB price for Indonesian MHP was $12,841/mt (Ni contained).
Due to reduced production from high-grade nickel matte projects in Indonesia, market demand for MHP increased, limiting downward pressure on the MHP coefficient. Additionally, policy changes in the DRC led to a rise in cobalt prices, which in turn pushed up the pricing coefficient for cobalt in MHP. Cost side, the price of wet nickel ore in Indonesia gradually rose, and new HMA policies may lead to higher floating tax rates, increasing MHP costs. Meanwhile, the continuous increase in the price of sulfur, an auxiliary material required for MHP production, further drove up MHP costs. Furthermore, Indonesia's PNBP tax policy could also raise MHP production costs.
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