[SMM Nickel Intermediate Product Daily Review] MHP and high-grade nickel matte nickel prices decline on October 8

As of now, the FOB price of Indonesian MHP nickel is $13,539/mt Ni, and the FOB price of Indonesian MHP cobalt is $26,629/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) stand at 79-80, and the MHP cobalt payables (against SMM refined cobalt, Rotterdam warehouse) stand at 58. The FOB price of Indonesian high-grade nickel matte is $14,952/mt Ni.

In the MHP market, supply side, as sulphur has arrived at ports in concentrated volumes, production schedules at some projects have recovered, and the overall volume available for external sale has improved. Demand side, nickel sulphate and cobalt prices are currently both relatively weak, and salt plants show limited price acceptance, weighing on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are expected to remain under pressure due to weak cobalt sulphate prices, but downside room is likely to be limited with cost support.

In the high-grade nickel matte market, supply side, with NPI's clear economic advantage, the available volume of high-grade nickel matte in the market is tight, and sellers are holding firm offers. Demand side, enterprises purchasing raw materials externally currently find high-grade nickel matte more economical than MHP. Amid tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, high-grade nickel matte supply is relatively tight, making it difficult for nickel payables to decline.

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