As of now, Indonesian MHP nickel FOB prices are $16,743/mt Ni, and Indonesian MHP cobalt FOB prices are $51,343/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 83.5-85, and MHP cobalt payables (against SMM refined cobalt, Rotterdam warehouse) are 95. Indonesian high-grade nickel matte FOB prices are $16,831/mt Ni.
MHP market: Supply side, spot cargo supply was low, and some sellers suspended quotations. Additionally, as Indonesia recently adjusted the HPM, which may have driven up wet processing costs, combined with expectations of MHP supply reduction due to sulfur, some producers raised their nickel payable quotations. Demand side, China's ternary material market demand remained strong this month, nickel sulphate procurement demand rebounded, and just-in-time procurement pushed up MHP transaction payables. Looking ahead, with upstream cost support and downstream demand recovery coexisting, MHP nickel and cobalt payables are expected to operate overall on the strong side, with upside room influenced by nickel sulphate prices.
High-grade nickel matte market: Supply side, available supply in the market was tight, and sellers held firm quotations. Demand side, for enterprises externally purchasing raw materials, using high-grade nickel matte was more economical compared to MHP. Under tight supply-demand conditions, nickel payables were supported at high levels. Looking ahead, as MHP supply tightening expectations persist, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, making nickel payables difficult to decline.
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