[SMM Daily Review of Nickel Intermediate Products] On April 2, MHP and high-grade nickel matte prices declined with nickel prices

Published: Apr 2, 2026 11:08

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As of now, the FOB price of nickel in Indonesian MHP was $15,383/mt Ni, and the FOB price of cobalt in Indonesian MHP was $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87.5, and the payable indicator for cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,666/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,383/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,364/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 86.5-87.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,666/mt Ni.

MHP market conditions: Supply side, spot cargo availability is limited, and some sellers have suspended quotations. Demand side, following the implementation of the export tax rebate cancellation policy for some new energy products, demand for ternary products has declined, reducing downstream raw material demand. Overall, amid a weak supply and demand pattern, payables remained stable. Looking ahead, affected by the tight supply-demand pattern, nickel payables are unlikely to decline.

High-grade nickel matte market conditions: Supply side, market availability is tight, and sellers are holding firm on offers. Demand side, at present, for enterprises purchasing raw materials externally, using high-grade nickel matte is more economical than using MHP. Under tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, amid expectations of tighter MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is becoming more prominent, and nickel payables are unlikely to decline.

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