[SMM Analysis] July China Hydrometallurgy Intermediate Products Imports

Nickel intermediate product supply and demand remain tight, with prices continuing to strengthen

Starting from August 1, 2025, to officially launch and publish the ‘SMM Indonesia Cobalt in MHP, outright price, FOB Indonesia, $/cobalt tonne’

Announcement on Adjusting the Naming of "SMM Indonesia MHP FOB Price"

The global cobalt market underwent significant changes in 2024 due to the impact of the Democratic Republic of the Congo's (DRC) export ban policy. Shirley, General Manager of SMM's Industry Research, delivered an in-depth analysis at the Global Cobalt Forum hosted by the Cobalt Institute in Singapore, focusing on the dynamics of China's cobalt industry chain, global resource competition landscape, and demand trends. The key points are as follows:

With the inauguration of Indonesia's new government, Prabowo's policies are expected to have a profound impact on the country's nickel industry. In the following sections, we will analyze in detail how these policy changes will affect the development and investment environment of the nickel industry.

In July 2024, Indonesia's nickel hydrometallurgy intermediate products output was 22,600 mt in metal content, down 12.06% MoM, up 79.37% YoY, with a cumulative YoY increase of 104.78%.

On July 30, 2024, the SMM Indonesia MHP FOB officially launched! The SMM Indonesia MHP FOB price on July 30, 2024, is $12,678/mtu, up $3/mt from yesterday.

High nickel matte will increase the volume fast, and MHP will increase the volume fast as well in the future