[SMM Nickel Intermediate Products Daily Review] July 27, MHP and high-grade nickel matte prices rise

Published: Jul 27, 2026 14:25

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As of now, the FOB price of Indonesian MHP nickel is $15,435/mt Ni, and that of Indonesian MHP cobalt is $49,252/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 85.5-86.5, and the MHP cobalt payable (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte is $15,820/mt Ni.

As of now, the FOB price of Indonesian MHP nickel stands at $15,435/mt Ni, and the FOB price of 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 cobalt element payables (against SMM refined cobalt, Rotterdam warehouse) are 93. The FOB price of Indonesian high-grade nickel matte is $15,820/mt Ni.

In the MHP market, supply side, spot cargo supply is constrained, with some sellers suspending quotes. Furthermore, the reduction in MHP supply caused by sulphur issues has yet to recover significantly, and some producers’ nickel payables quotes remain at high levels. Demand side, impacted by weak downstream stockpiling willingness at mid-year, nickel sulphate prices are relatively weak, limiting the upside room for MHP payables as nickel salt smelters show low price acceptance. Looking ahead, with unchanged upstream cost support and downstream demand patterns, MHP nickel and cobalt payables are expected to be under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, market availability is tight and sellers maintain firm quotes. Demand side, the economics of using high-grade nickel matte are currently more favorable than using MHP for enterprises purchasing raw materials externally. Amid tight supply and demand, nickel payables currently find high-level support. Looking ahead, given expectations of tightening MHP supply, high-grade nickel matte’s supplementary role as an alternative raw material becomes prominent, making it difficult for nickel payables to decline.

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