[SMM Analysis] Sulphate Prices Under Pressure, Intermediate Product Payables in the Doldrums This Week

Published: Jul 31, 2026 14:59

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This week, the MHP market supply-demand pattern remained relatively loose, with nickel and cobalt payables still weak. On the supply side, after the strait reopened, some producers’ MHP output recovered somewhat, and some traders also released inventory to a degree recently, boosting market availability. On the demand side, downstream nickel salt and cobalt salt prices stayed sluggish, and losses in cobalt sulphate production created significant pressure, leaving salt producers relatively less willing to accept high-priced MHP and weighing on MHP payables. With supply rising and demand soft, MHP payables may pull back in the short term.

The high-grade nickel matte market also faced a weak supply-demand pattern. High-grade nickel matte currently offers a clear cost advantage over MHP, but on the supply side, major suppliers have already completed long-term order signing, leaving limited spot availabilities. On the demand side, limited by downstream production line compatibility, actual consumption capacity is insufficient. Overall purchase sentiment was weak, trading activity was low, and payables remained stable.

Sulphur (CIF Indonesia) held steady at $1,100-1,200/mt, with no new deals this week. During the earlier phased navigation period, several sulphur vessels bound for Indonesia gradually arrived at ports. MHP refineries now have relatively ample inventory, with low purchase willingness and buyer psychological price levels below $1,100/mt. Prices are expected to continue to consolidate at highs next week, trading will stay sluggish, and neither a sharp rise nor a sharp decline is likely to find a driver.

On the nickel price front, nickel prices continued to consolidate this week. With quotas still unclear, a clear trend was hard to form. Meanwhile, MHP payables held steady, and MHP nickel prices remained stable with slight increases. Against a backdrop of stable high-grade nickel matte payables, prices consolidated along with nickel prices. In addition, MHP cobalt prices edged slightly higher on the back of a cobalt price rebound. Overall, the intermediate product market will be under pressure in the short term.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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