[SMM Daily Review of Nickel Intermediate Products] On March 11, Nickel Prices for MHP and High-Grade Nickel Matte Rose

Published: Mar 11, 2026 11:42

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As of now, Indonesia’s MHP nickel FOB price was $15,379/mt Ni, and Indonesia’s MHP cobalt FOB price was $49,879/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 86.5-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 91. Indonesia’s high-grade nickel matte FOB price was $15,736/mt Ni.

As of now, Indonesia's MHP FOB price for nickel stands at $15,379/mt Ni, while Indonesia's MHP FOB price for cobalt is $49,879/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 86.5-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91. Indonesia's high-grade nickel matte FOB price is $15,736/mt Ni.

MHP market conditions: Supply side, spot circulation is limited, and some sellers have suspended quotations. Demand side, the new energy peak season, coupled with rush to export demand, has driven active downstream inquiries. Overall, tight supply and demand in the market are supporting nickel payables and cobalt payables at high levels. Looking ahead, the recent tender results from Papua New Guinea are expected to become a market bellwether.

High-grade nickel matte market conditions: On the supply side, circulating volumes in the market are tight, and seller offers remain firm. On the 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, amid expectations of tighter MHP supply, high-grade nickel matte's role as a supplemental alternative raw material has become more prominent, and nickel payables are unlikely to decline.

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