As of now, the FOB price of Indonesian MHP nickel is $15,418/mt in metal content, and the FOB price of Indonesian MHP cobalt is $49,918/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85.5-86.5, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,777/mt in metal content.
Regarding the MHP market, supply side, spot cargo circulation was limited, and some sellers suspended quotations. Demand side, the peak season for new energy, coupled with rush-to-export demand, drove active downstream inquiries. Overall, supply and demand were tight, supporting nickel payables and cobalt payables at high levels. Looking ahead, the recent tender results in Papua New Guinea are expected to serve as a bellwether.
Regarding the high-grade nickel matte market, supply side, market availability was tight, and sellers’ quotations remained firm. Demand side, for enterprises purchasing raw materials externally, using high-grade nickel matte was currently more economical than using MHP. Amid tight supply and demand, nickel payables were currently supported at high levels. Looking ahead, amid expectations of tighter MHP supply, high-grade nickel matte’s role as a supplementary substitute raw material is expected to become more prominent, and nickel payables are unlikely to decline.
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![[SMM Analysis] Sluggish Trading in the Nickel Intermediate Product Market, Awaiting Guidance from Papua New Guinea Tender Results](https://imgqn.smm.cn/usercenter/VstiG20251217171732.jpeg)
