[SMM Analysis] Nickel Intermediate Product Coefficient Fluctuates at Highs Amid Low Holiday Demand

Nickel Intermediate Product Market During the National Day Holiday

Affected by both policies and supply-demand dynamics, nickel intermediate product quotations fluctuated at highs during the holiday. Influenced by the continuous rise in LME nickel prices and MB cobalt prices during the holiday, prices showed a sustained upward trend. Market-wise, nickel salt and refined nickel plants had completed stockpiling purchases before the holiday, resulting in fewer inquiries and sluggish actual transactions.

Spot Market on the First Trading Day After the Holiday

On October 9, the FOB price for SMM Indonesian MHP nickel was $13,503/mt Ni, and the FOB price for Indonesian MHP cobalt was $30,434/mt Co. Mainstream quotations for nickel payables were 88.5-89%, and mainstream cobalt payables were 76-80%. The FOB price for Indonesian high-grade nickel matte was $13,814/mt Ni, with mainstream nickel payables at 91%.