As of now, Indonesia's MHP nickel FOB price is $14,796/mt Ni, and the MHP cobalt FOB price is $50,049/mt Co. The MHP payable indicator (against SMM battery-grade nickel sulphate index) is 81-82.5, with MHP cobalt payable indicator (against SMM refined cobalt, Rotterdam warehouse) at 94. Indonesia's high-grade nickel matte FOB price stands at $14,961/mt Ni.
In the MHP market, supply side, spot availability remained low, with some sellers suspending offers. Additionally, the reduction in MHP supply caused by sulphur-related disruptions has yet to see a significant recovery, leaving some producers' nickel payables quotations at elevated levels. Demand side, affected by weak downstream restocking willingness mid-year, nickel sulphate prices were relatively soft, and poor price acceptance from nickel salt smelters capped upside room for MHP payables. Looking ahead, with the pattern of upstream cost support and downstream demand unchanged, MHP nickel and cobalt payables are expected to remain under pressure due to weak sulphate prices.
In the high-grade nickel matte market, supply side, available volumes remained tight, keeping seller offers firm. Demand side, enterprises currently purchasing raw materials externally find using high-grade nickel matte more economical than MHP. Amid tight supply-demand conditions, nickel payables find high-level support. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes more prominent, making it difficult for nickel payables to decline.
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![[SMM Nickel Midday Comment] On July 9, nickel prices plunged during the session, and US Fed officials did not form a single judgment on the subsequent policy path.](https://imgqn.smm.cn/usercenter/UruWE20251217171732.jpg)
