As of now, the FOB price of Indonesian MHP nickel is $14,987/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,188/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 82.5-83.5, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) stand at 94. The FOB price of Indonesian high-grade nickel matte is $15,278/mt Ni.
MHP market: Supply side, spot availability is limited, and some sellers have suspended quoting. Additionally, the MHP supply reduction caused by sulphur has yet to recover significantly, and some producers’ nickel payables quoted remain at high levels. Demand side, affected by weak downstream inventory-building willingness in mid-year, nickel sulphate prices have been relatively weak, and nickel salt smelters’ low price acceptance is capping the upside room for MHP payables. Looking ahead, with upstream cost support and the downstream demand pattern unchanged, MHP nickel and cobalt payables may run under pressure due to weak sulphate prices.
High-grade nickel matte market: Supply side, market availability is tight, and sellers are quoting firmly. Demand side, for enterprises using externally purchased raw materials, the economics of high-grade nickel matte are currently stronger than those of MHP. Amid tight supply and demand, nickel payables are supported at high levels. Looking ahead, under expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material will become prominent, making it hard for nickel payables to decline.
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![[SMM Nickel Daily Review] Bullish sentiment broke out intensively, and on July 16, nickel prices surged over 3%](https://imgqn.smm.cn/usercenter/VstiG20251217171732.jpeg)
![[SMM Nickel Daily Review] A concentrated burst of bullish sentiment, nickel prices surged over 3% on July 16](https://imgqn.smm.cn/usercenter/Btmsv20251217171733.jpg)
