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Recently, influenced by the continuous rise in futures prices. As of now, the MHP coefficient (relative to the SMM battery-grade nickel sulphate index) stands at 83.5%-84%, and the FOB price of Indonesian MHP is $12,438/mt (Ni contained).
Demand side, some nickel salt smelters still have restocking needs in Q2. Recently, due to the decline in LME nickel prices, the activity of inquiries for MHP by nickel salt smelters has increased. Supply side, recently, based on the low LME nickel prices and the low inventory of MHP, some traders have stopped quoting. Market transactions are relatively quiet. Looking ahead, due to production cuts in Indonesian high-grade nickel matte projects, market demand for MHP has risen, thus the downward momentum of the MHP coefficient is insufficient. Currently, the circulation volume of the MHP market remains at a low level, and downstream still has restocking needs in Q2, so market transactions and quotation coefficients are expected to continue to fluctuate at highs.
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