[SMM Nickel Intermediate Product Daily Review] June 17: Nickel and cobalt prices for MHP and high-grade nickel matte rose

Published: Jun 17, 2026 11:50

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As of now, the FOB price for Indonesian MHP nickel is $16,244/mt Ni, and the FOB price for Indonesian MHP cobalt is $51,333/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 95. The FOB price for Indonesian high-grade nickel matte is $16,330/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $16,244/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,333/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95. The FOB price of Indonesian high-grade nickel matte is $16,330/mt Ni.

In the MHP market, on the supply side, spot availability was low, and some sellers suspended quotations. Additionally, due to recent adjustments to Indonesia's HPAL that pushed up wet process costs, coupled with expected reductions in MHP supply caused by sulphur, some producers raised their nickel payable quotes. On the demand side, China's ternary market demand remained robust this month, and nickel sulphate procurement demand rebounded, with just-in-time procurement pushing up MHP transaction payables. Looking ahead, with upstream cost support and downstream demand recovery coexisting, MHP nickel and cobalt payables are expected to remain on a strong note overall, with upside room influenced by nickel sulphate prices.

In the high-grade nickel matte market, on the supply side, available quantities were tight, and sellers stood firm on quotes. On the demand side, enterprises using externally purchased raw materials found high-grade nickel matte more economical than MHP. Under tight supply-demand conditions, nickel payables stayed supported at high levels. Looking ahead, given the expected supply tightness in MHP, the supplementary role of high-grade nickel matte as an alternative raw material will become more prominent, making it difficult for nickel payables to decline.

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