[SMM Nickel Intermediate Products Daily Review] July 20, MHP nickel prices fell, while high-grade nickel matte nickel prices rose.

Published: Jul 20, 2026 11:58

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As of now, the FOB price of Indonesian MHP nickel is $15,050/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,188/mt Co. MHP payables (on SMM battery-grade nickel sulphate index) are 83-84.5, and the MHP cobalt payable indicator (on SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,486/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,050/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,188/mt Co. MHP payables (vs. the SMM battery-grade nickel sulphate index) are 83-84.5, and the MHP cobalt element payable indicator (vs. SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,486/mt Ni.

Regarding the MHP market, supply side, spot cargo circulation is limited, and some sellers have suspended quotations. In addition, the MHP supply reduction caused by sulphur has not yet shown a clear recovery, and nickel payables quoted by some producers remain at high levels. Demand side, affected by weaker downstream restocking willingness at mid-year, nickel sulphate prices have been relatively weak, and weaker price acceptance from nickel salt smelters has capped upside room for MHP payables. Looking ahead, with upstream cost support and the downstream demand landscape unchanged, MHP nickel and cobalt payables may be under pressure due to weak sulphate prices.

Regarding the high-grade nickel matte market, supply side, available volumes in the market are tight, and sellers’ quotations are firm. Demand side, for enterprises purchasing raw materials externally, using high-grade nickel matte is currently more economical than using MHP. Amid tight supply and demand, nickel payables are supported at current high levels. Looking ahead, under expectations of tighter MHP supply, high-grade nickel matte’s supplementary role as an alternative raw material is becoming more prominent, making it difficult for nickel payables to move lower.

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