[SMM Nickel Intermediate Product Daily Review] July 22, MHP Nickel and Cobalt Prices Decline, High-Grade Nickel Matte Nickel Price Rises

Published: Jul 22, 2026 11:46

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As of now, the FOB price of Indonesian MHP nickel is $15,259/mt Ni, the FOB price of Indonesian MHP cobalt is $49,340/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 84.5-85.5, MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 93. The FOB price of Indonesian high-grade nickel matte is $15,569/mt Ni.

As of now, the FOB price of Indonesia MHP nickel is $15,259/mt Ni, and the FOB price of Indonesia MHP cobalt is $49,340/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) stand at 84.5-85.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 93. The FOB price of Indonesia high-grade nickel matte is $15,569/mt Ni.

In the MHP market, supply side, spot supply is limited and some sellers have suspended quotations. In addition, the MHP supply reduction caused by sulphur has not yet significantly recovered, keeping some producers' nickel payables quotations at high levels. Demand side, affected by weak downstream stockpiling willingness mid-year, nickel sulphate prices performed relatively weakly, and nickel salt smelters' low price acceptance suppressed the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may remain under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, market availability is tight and sellers stand firm on quotations. Demand side, companies purchasing raw materials externally find using high-grade nickel matte more economical than using MHP. Under tight supply-demand, nickel payables currently have high-level support. Looking ahead, amid expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is highlighted, making nickel payables difficult to decline.

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