[SMM Nickel Intermediate Product Daily Review] June 18 MHP and high-grade nickel matte nickel and cobalt prices rise

As of now, the FOB price of Indonesian MHP nickel is $16,326/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,353/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 86-87, and cobalt payables for MHP (against SMM refined cobalt (Rotterdam warehouse)) were 95. The FOB price of Indonesian high-grade nickel matte is $16,412/mt Ni.

In the MHP market, supply side, spot cargo availability was low, and some sellers halted quoting. Additionally, the recent adjustment of Indonesia's HPM may have driven up hydrometallurgical costs somewhat, coupled with expectations of reduced MHP supply caused by sulfur, some producers raised their nickel payables quotations. Demand side, demand from the domestic ternary market remained strong this month, nickel sulphate procurement demand rebounded, and just-in-time procurement drove up MHP transaction payables. Looking ahead, with upstream cost support and downstream demand recovery coexisting, MHP nickel and cobalt payables are expected to trend firm overall, with upside room influenced by nickel sulphate prices.

In the high-grade nickel matte market, supply side, market availability was tight and seller quotations were firm. Demand side, enterprises purchasing raw materials externally currently found using high-grade nickel matte more economical than MHP. Under tight supply-demand conditions, nickel payables were supported at high levels. Looking ahead, given expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, making nickel payables unlikely to weaken.

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