As of now, the FOB price of Indonesian MHP nickel was $15,208/mt Ni, and the FOB price of Indonesian MHP cobalt was $46,893/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) were 83-84, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) stood at 88. The FOB price of Indonesian high-grade nickel matte was $15,633/mt Ni.
MHP market, supply side, due to the concentrated arrival of sulphur, some projects' production schedules recovered, and the available volume for sale in the market saw some recovery. Demand side, nickel and cobalt sulphate prices were both weak, with salt plants showing low price acceptance, weighing on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are expected to be under pressure due to weak cobalt sulphate prices.
High-grade nickel matte market, supply side, the available volume in the market was tight, and sellers' offers remained firm. Demand side, enterprises purchasing raw materials externally found using high-grade nickel matte more economical than MHP. Amid tight supply-demand, nickel payables were currently supported at high levels. Looking ahead, given expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material will become prominent, making it difficult for nickel payables to decline.
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![[SMM Nickel Midday Review] Nickel prices edged up on August 10, while China's July CPI fell 0.1% MoM.](https://imgqn.smm.cn/usercenter/LNpBh20251217171732.jpeg)
