[SMM MHP Daily Review] October 15: MHP Nickel Prices Decline, Cobalt Prices Rise

As of now, the FOB price for Indonesian MHP nickel is 13,291 yuan/mt Ni, and the FOB price for Indonesian MHP cobalt is $33,514/mt Co.

Supply side, recently, in the spot market, some traders have limited available inventory for sale, supporting high quotations. The current mainstream nickel payables are 89-90%. The DRC policy announced an extension of the export ban and implemented quotas, coupled with downstream restocking, which also pushed up cobalt sulphate prices, driving the quotations and transaction coefficients for cobalt in MHP higher. The current mainstream cobalt payables are 80-85%. Demand side, affected by the DRC's export ban extension and quotas, some nickel salt smelters and refined nickel plants have recently inquired and restocked, leading to an overall increase in purchasing sentiment. Overall, the market supply and demand are tight, and nickel payables and cobalt payables are expected to remain supported at high levels.

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