[SMM Nickel Intermediate Product Daily Review] February 4 MHP and High-Grade Nickel Matte Prices Decline

Published: Feb 4, 2026 11:31

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As of now, the FOB price of Indonesian MHP nickel is $15,544 per mt Ni, and the FOB price of Indonesian MHP cobalt is $49,254 per mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) were 84.5–85.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 90.5. The FOB price of Indonesian high-grade nickel matte was $16,056 per mt Ni.

As of now, the FOB price for Indonesian MHP nickel is $15,544/mt Ni, and the FOB price for Indonesian MHP cobalt is $49,254/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 84.5-85.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 90.5. The FOB price for Indonesian high-grade nickel matte is $16,056/mt Ni.

In the MHP market, supply side, spot market circulation is tight recently, with some sellers slightly lowering their offers. Demand side, affected by the DRC's cobalt intermediate products export quota policy, MHP's role as a supplementary raw material substitute for cobalt intermediate products has become prominent, and downstream just-in-time procurement persists. Overall, the market supply and demand are tight, and both the nickel payables and cobalt payables currently remain flat.

In the high-grade nickel matte market, supply side, market availability is tight, and seller offers remain firm. Demand side, enterprises purchasing externally find using high-grade nickel matte more economical compared to using MHP currently. Under tight supply and demand, the nickel payables are currently supported at high levels.

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