[SMM Intermediate Product Daily Review] On March 2, MHP and high-grade nickel matte prices rose

Published: Mar 2, 2026 11:43

Save

So far, the FOB price of Indonesian MHP nickel is $15,658/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,660/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 88-89, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $16,021/mt Ni.

As of now, the FOB price for Indonesian MHP nickel is $15,658/mt Ni, and the FOB price for Indonesian MHP cobalt is $49,660/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88-89, and the MHP cobalt element payable indicator (against the SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price for Indonesian high-grade nickel matte is $16,021/mt Ni.

In the MHP market, supply side, there is a low volume of spot circulation, with some sellers suspending their quotations, as the market watches the follow-up handling of a tailings dam landslide incident in an Indonesian industrial park. Demand side, due to the DRC's export quota policy for cobalt intermediate products, MHP's role as a supplementary raw material for cobalt intermediate products has become more prominent, with downstream just-in-time procurement. Overall, the market supply and demand are tight, with nickel payables and cobalt payables remaining at high levels.

In the high-grade nickel matte market, on the supply side, the available market volume is tight, and seller quotations are firm. On the demand side, currently, it is more economical for enterprises purchasing external raw materials to use high-grade nickel matte compared to MHP. Under the tight supply and demand, the current high nickel payables are supported.

[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 obtain the latest data and market analysis on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)! ]

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

15 mins ago

Shaanxi Jutai to Launch 30,000 mt Nickel Plate Production Line in Zhejiang by March 2026

Recently, Shaanxi Jutai New Materials Technology Co., Ltd. announced that its 30,000 mt annual nickel plate production line located at the Zhoushan base in Zhejiang has entered the final commissioning phase and will officially commence production in March 2026. It is understood that the nickel plate project to be launched mainly produces high-purity electrodeposited nickel plates, which will be widely used in the manufacturing fields of alloys and electroplating.

15 mins ago

16 mins ago

CPC Central Committee Discusses Draft of 15th Five-Year Plan and Government Work Report

The Political Bureau of the CPC Central Committee convened a meeting to discuss the draft outline of the 15th Five-Year Plan and the government work report.

16 mins ago

17 mins ago

[SMM Nickel News]

On March 2, the SMM #1 refined nickel price fell by 1,150 yuan/mt from the previous trading day. In terms of spot premiums and discounts, the average for Jinchuan #1 refined nickel was 7,150 yuan/mt, down 700 yuan/mt from the previous trading day; the range for major domestic brands of electrodeposited nickel was -700-300 yuan/mt, showing a decline.

17 mins ago