[SMM Nickel Intermediate Product Daily Review] May 8: MHP and High-Grade Nickel Matte Nickel Prices Declined, Cobalt Prices Rose

Published: May 8, 2026 13:33

Save

As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.

As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.

MHP market: Supply side, spot cargo circulation was low, with some sellers suspending quotations. Additionally, as Indonesia's recent HPM adjustment may drive up wet process costs, coupled with expectations of reduced MHP supply caused by sulphur, nickel payables of some producers rose. Demand side, China's ternary market demand recovered somewhat this month, and procurement demand for nickel sulphate rebounded. Looking ahead, upstream cost support and downstream demand recovery coexist, and MHP nickel and cobalt payables are expected to operate on the stronger side overall, with upside room influenced by nickel sulphate prices.

High-grade nickel matte market: Supply side, available volumes in the market were tight, and seller quotations remained firm. Demand side, the economics of using high-grade nickel matte for enterprises that purchase externally were currently stronger than using MHP. Under tight supply and demand, nickel payables were supported at high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is expected to become more prominent, making it difficult for nickel payables to decline.

[For more content, please 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 accessthe latest nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore,ferrochrome, and stainless steel (China + Indonesia) related data analysis and market interpretation!]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

[SMM Nickel Flash News] Indonesia Reviews PP 19/2025 Amendment, Nickel-Related Royalties May Rise

On May 8, Indonesia’s Directorate General of Mineral and Coal under ESDM held a public consultation on the proposed PP 19/2025 amendment, covering royalty adjustments for several minerals. For nickel ore, the proposal lowers the lowest HMA threshold from below $18,000/mt to below $16,000/mt, and the top threshold from $31,000/mt and above to $26,000/mt and above. The structure would expand from five to six brackets, with rates ranging from 14% to 19%. Based on today’s nickel HMA of $17,802/mt, the applicable nickel ore royalty would rise from 14% to 15% if implemented. The proposal also adds a 2% royalty on cobalt in nickel matte and non-nickel smelting products, and a 2.5% royalty for Alloy Pig Iron. Whether this affects mainstream NPI depends on Indonesia’s final product classification.

Common.Time.minsAgo

Data: SHFE, DCE market movement (May 08)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 May , 2026

Common.Time.minsAgo

Nickel Market Sees Strong Supply Sentiment, Cautious Demand, and High Premiums for High-Grade Resources

[SMM Nickel Flash] May 8: On the supply side, the sentiment to hold prices firm remained strong, premiums for high-grade resources were still evident, and the structural divergence in overall supply intensified. On the demand side, steel mills were cautious in purchasing, enterprises that had already restocked before the holiday showed low willingness to purchase, and acceptance of high price quotes was weak. The market overall presented a standoff pattern of firm quotes, cautious purchasing, and limited transactions, with prices likely to fluctuate at highs and move sideways in the short term.

Common.Time.minsAgo