As of now, the Indonesia MHP nickel FOB price is $14,902/mt Ni, and the Indonesia MHP cobalt FOB price is $38,616/mt Co. MHP payables (to the SMM battery-grade nickel sulphate index) stand at 83.5-84.5, and MHP cobalt element payables (to SMM refined cobalt (Rotterdam warehouse)) stand at 75. The Indonesia high-grade nickel matte FOB price is $15,531/mt Ni.
On the MHP market, from the supply side, due to the concentrated arrivals of sulphur at ports, production schedules at some projects have recovered, and the overall volume available for external sales has recovered. From the demand side, current nickel sulphate and cobalt sulphate prices are both weak, and salt plants have low price acceptance, putting pressure on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are expected to be under pressure due to weak cobalt sulphate prices.
On the high-grade nickel matte market, supply side, due to the clear economic advantage of NPI, the available volume of high-grade nickel matte in the market is tight, and seller quotes are firm. Demand side, currently, enterprises that purchase raw materials externally find it more economical to use high-grade nickel matte compared to MHP. Under tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, high-grade nickel matte supply is relatively tight, and nickel payables are unlikely to decline.
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