[SMM Daily Review of Nickel Intermediate Products] August 17: MHP Nickel Prices Fell, High-Grade Nickel Matte Nickel Prices Rose

As of now, the FOB price of Indonesian MHP nickel is $14,977/mt Ni, and the FOB price of Indonesian MHP cobalt is $42,179/mt Co. MHP payables (vs. the SMM battery-grade nickel sulphate index) are 82-83, and the payable indicator for MHP cobalt element (vs. SMM refined cobalt (Rotterdam warehouse)) is 80. The FOB price of Indonesian high-grade nickel matte is $15,491/mt Ni.

Regarding the MHP market, supply side, as sulphur has arrived at ports in a concentrated manner, production schedules at some projects have partially resumed, and overall market volumes available for external sale have recovered. Demand side, both nickel sulphate and cobalt sulphate prices are currently relatively weak, and salt plants show weak price acceptance, putting pressure on nickel and cobalt payables. Looking ahead, nickel and cobalt payables for MHP may remain under pressure due to weak cobalt sulphate prices.

Regarding the high-grade nickel matte market, supply side, available volumes in the market are tight, and sellers’ offers are firm. Demand side, for enterprises that purchase raw materials externally, using high-grade nickel matte is currently more economical than using MHP. Amid tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, amid expectations of tighter MHP supply, high-grade nickel matte’s role as a supplementary substitute raw material is becoming more prominent, making it difficult for nickel payables to decline.

[For more content, please subscribe to SMM Nickel Research Group products “China Nickel-Chrome Stainless Steel Industry Chain Regular Report” and “China Nickel-Chrome Stainless Steel Industry Chain High-End Report” to obtain the latest data analysis and market insights on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)!]