As of now, Indonesia MHP nickel FOB price stands at $14,950/mt Ni, Indonesia MHP cobalt FOB price at $38,616/mt Co. MHP payables (vs. SMM battery-grade nickel sulphate index) stand at 84-85, and MHP cobalt payable indicator (vs. SMM refined cobalt (Rotterdam warehouse)) is 75. Indonesia high-grade nickel matte FOB price is $15,582/mt Ni.
MHP market: Supply side, due to concentrated arrivals of sulphur at ports, production schedules at some projects have recovered, and the overall volume available for external sale in the market has recovered. Demand side, nickel sulphate and cobalt sulphate prices are both weak currently, and salt plants' price acceptance is low, exerting downward pressure on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables may be under pressure due to weak cobalt sulphate prices.
High-grade nickel matte market: Supply side, due to the clear cost advantage of NPI, the available supply of high-grade nickel matte in the market is tight, and sellers' offers remain firm. Demand side, for enterprises that purchase raw materials externally, using high-grade nickel matte is currently more cost-effective than using MHP. Under tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, high-grade nickel matte supply will remain relatively tight, making it difficult for nickel payables to decline.
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