[SMM Nickel Intermediate Product Daily Review] February 12 MHP and High-Grade Nickel Matte Prices Rise

Published: Feb 12, 2026 11:07

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As of now, the FOB price of Indonesian MHP nickel is $15,015/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,462/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88-88.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $15,511/mt Ni.

As of now, the FOB price of Indonesian MHP nickel stands at $15,015/mt in metal content, while the FOB price of Indonesian MHP cobalt is $49,462/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) range from 88-88.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $15,511/mt in metal content.

Regarding the MHP market, from the supply side, there has been a limited circulation of spot cargo in the market recently, with some sellers slightly lowering their quotes. From the demand side, influenced by the export quota policy for cobalt intermediate products in the DRC, the supplementary role of MHP as an alternative raw material to cobalt intermediate products has become prominent, leading to just-in-time procurement by downstream users. Overall, the market is experiencing tight supply and demand, with nickel payables and cobalt payables currently remaining stable.

In the high-grade nickel matte market, on the supply side, the available circulation volume is tight, and sellers are maintaining firm quotes. On the demand side, enterprises that purchase raw materials externally currently find it more economical to use high-grade nickel matte than MHP. Given the tight supply and demand, nickel payables are currently supported at a high level.

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