Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Also Sees Decline

Nickel Pig Iron prices are approaching CNY 1,100/mtu as Golden September begins, but ample inventories keep Chinese mills cautious on restocking. Cheaper ore cushions Indonesian producers, yet margins continue to narrow. Sustained buying or supply cuts are needed to establish firmer price support.

At the start of the September peak season, NPI prices fell to around 1,100 yuan per nickel unit, yet low-price transactions did not trigger widespread restocking. Steel mills hold ample raw material inventories, and with port inventories replenishing, finished product inventory pressure, and reduced production schedules, buyers continued to push for lower prices, with premiums for low-grade material narrowing first. The pullback in Indonesian ore prices provides a cost buffer for smelters, but their profits remain squeezed by lower selling prices, and no clear supply-side reduction has emerged yet. Whether 1,100 can serve as a support level hinges on whether steel mills can sustain purchases after low-price transactions.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 07 Sep , 2026