Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Rises

On July 21, Vale formally released its Q2 2026 financial report. Benefiting from the capacity release of core projects in Brazil and Canada, the company delivered strong operational performance in Q2, with key figures as follows: Production hit a five-year high: In Q2 2026, finished nickel production reached 42,000 mt (42.0 kt), up 4% YoY, setting the best Q2 production record since 2020. Sales rose to 44,400 mt: In Q2, nickel sales reached 44,400 mt (44.4 kt), up sharply by 7.2% YoY. Sales exceeded production by 2,400 mt. Realized selling price rebounded QoQ: In Q2, the average realized nickel price was $18,061/mt, driven by higher average LME prices, up sharply by $1,046/mt from the previous quarter.

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.