As of now, the FOB price of Indonesian MHP nickel is $14,945/mt Ni, and the FOB price of Indonesian MHP cobalt is $41,267/mt Co. MHP payables (on the SMM battery-grade nickel sulphate index) are 83-84.5, and the MHP cobalt payables (on SMM refined cobalt (Rotterdam warehouse)) are 80. The FOB price of Indonesian high-grade nickel matte is $15,490/mt Ni.
MHP Market Situation, Supply side, as sulphur has arrived in port in a concentrated manner, production schedules for some projects have recovered, and the overall market availability has recovered. Demand side, currently, nickel sulphate and cobalt sulphate prices are relatively weak, salt plants have weaker price acceptance, which suppresses the nickel and cobalt payables. Looking ahead, the nickel and cobalt payables for MHP may be under pressure due to weak cobalt sulphate prices.
High-Grade Nickel Matte Market Situation, Supply side, the market's available volume is tight, and sellers' quotations are firm. Demand side, currently, the economic viability of using high-grade nickel matte for enterprises purchasing raw materials externally is stronger compared to using MHP. Under tight supply-demand, the nickel payables currently find support at high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative material is highlighted, making it difficult for the nickel payables to decline.
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