As of now, the FOB price for Indonesian MHP nickel is $15,347/mt Ni, and the FOB price for Indonesian MHP cobalt is $49,252/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 85.5-86.5, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 93. The FOB price for Indonesian high-grade nickel matte is $15,730/mt Ni.
MHP market, supply side, spot availability is limited, and some sellers have suspended quotations. Moreover, the reduction in MHP supply caused by sulphur has not yet significantly recovered, and some producers' nickel payables quotes remain at high levels. Demand side, affected by the weak willingness to build inventory in the midstream and downstream at mid-year, nickel sulphate prices have been relatively weak, and the weak price acceptance by nickel salt smelters is suppressing the upside room for MHP payables. Looking ahead, upstream cost support and downstream demand structure remain unchanged, and MHP nickel and cobalt payables may be under pressure due to weak sulphate prices.
High-grade nickel matte market, supply side, market availability is tight, and seller quotations are firm. Demand side, currently enterprises using externally purchased raw materials find it more economical to use high-grade nickel matte than MHP. Under tight supply-demand conditions, nickel payables currently have strong support at high levels. Looking ahead, under expectations of tighter MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, and nickel payables are unlikely to decline.
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