[SMM Nickel Intermediate Product Daily Review] August 26: MHP, high-grade nickel matte nickel prices rise, cobalt prices decline

Published: Aug 26, 2026 12:42

Save

As of now, the FOB price of Indonesia's MHP nickel is $14,958/mt in metal content, and the FOB price of Indonesia's MHP cobalt is $37,536/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 83.5-84.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 73. The FOB price of Indonesia's high-grade nickel matte is $15,589/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,958/mt Ni, and the FOB price of Indonesian MHP cobalt is $37,536/mt Co. The MHP payables (vs SMM battery-grade nickel sulphate index) is 83.5-84.5, and the MHP cobalt payable indicator (vs SMM refined cobalt (Rotterdam warehouse)) is 73. The FOB price of Indonesian high-grade nickel matte is $15,589/mt Ni.

Regarding the MHP market, supply side, with concentrated arrivals of sulphur, some projects' production schedules have partially recovered, leading to an overall recovery in available external sales volumes. Demand side, current nickel sulphate and cobalt sulphate prices are relatively weak, with salt plants showing low price acceptance, putting pressure on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables may be under pressure due to weak cobalt sulphate prices.

Regarding the high-grade nickel matte market, supply side, due to the clear economic advantage of NPI, tradable volumes of high-grade nickel matte are tight, with sellers maintaining firm offers. Demand side, enterprises purchasing externally currently find high-grade nickel matte more economical than MHP. Under tight supply-demand conditions, nickel payables remain supported at high levels. Looking ahead, high-grade nickel matte supply will remain relatively tight, making it difficult for nickel payables to decline.

[For more content, subscribe to SMM Nickel Research Group's 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)!]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

6 mins ago

[SMM Stainless Steel Flash] US-Canada Trade Talks Collapse, 50% Tariffs on Canadian Steel and Aluminum Remain

US-Canada trade negotiations collapsed on August 21, leaving Canadian steel and aluminum subject to the existing 50% Section 232 tariffs and dashing market expectations of any tariff relief. The newly imposed 50% tariffs cover products including alcohol, dairy, furniture, and certain apparel, but do not extend to steel or aluminum. With the high tariff barrier remaining in place, Canadian steel and aluminum will continue to face significant headwinds in accessing the US market; South Korean steel has already largely displaced Canada's market share, a trend expected to continue.

6 mins ago

8 mins ago

【SMM Flash】Russia Amends Sulphur Export Ban, Allows Export of 300,000 Tonnes of Low-Grade Technical Sulphur (Grade 7000)

According to Russian Government Decree No. 1059 dated August 21, 2026, amending Government Decree No. 785 dated June 25, 2026 (on the introduction of a temporary ban on the export of certain types of sulphur from the Russian Federation), the key provisions are as follows: New Exemption: The temporary ban does not apply to low-grade technical sulphur (grade 7000), classified under EAEU HS codes 2503 00 100 0 and 2503 00 900 0. Export Quota: Exports of the above category shall not exceed 300,000 tonnes. Licensing Requirement: Exports are permitted only on the basis of a permit issued by the Ministry of Industry and Trade of the Russian Federation. Enforcement Basis: For the purpose of applying the temporary ban, the EAEU HS code shall be the sole criterion; the product name is provided for reference only. Effective Date: This decree enters into force on the date of its official publication. Beyond this newly added exemption, the temporary ban on sulphur exports from Russia remains in full effect.

8 mins ago

59 mins ago

SMM Battery-Grade Nickel Sulphate Price Drops by 60 Yuan/mt on August 26

According to SMM data, on August 26, the average price of SMM battery-grade nickel sulphate fell by 60 yuan/mt from the previous day.

59 mins ago