[SMM Nickel Intermediate Product Daily Review] February 26 MHP and High-Grade Nickel Matte Prices Rise

Published: Feb 26, 2026 11:22

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As of now, the FOB price of Indonesian MHP nickel is $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,571/mt Co. The MHP payables against the SMM battery-grade nickel sulphate index were 88-89, and the payable indicator for the MHP cobalt element against SMM refined cobalt (Rotterdam warehouse) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,571/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 88-89, 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 $15,910/mt Ni.

Regarding the MHP market situation, supply side, spot cargo circulation is limited, with some sellers suspending quotations, and the market is observing the follow-up handling of a tailings dam landslide incident at an Indonesian park. Demand side, affected by the DRC's cobalt intermediate products export quota policy, the supplementary role of MHP as an alternative raw material for cobalt intermediate products has become prominent, with downstream just-in-time procurement. Overall, the market supply and demand are tight, with nickel payables rising slightly and cobalt payables remaining high and flat.

Regarding the high-grade nickel matte market situation, supply side, market circulation is tight, and seller quotations are firm. Demand side, the economics for enterprises purchasing externally to use high-grade nickel matte are currently stronger compared to using MHP. Under tight supply and demand, nickel payables are currently supported at high levels.

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