As of now, the FOB price for Indonesian MHP nickel is 13,438 yuan/mt Ni, and the FOB price for Indonesian MHP cobalt is $40,993/mt Co.
Supply side, recently, in the spot market, some traders have limited available inventory for sale, providing high price support. The DRC's policy to extend the export ban and implement quotas, combined with downstream restocking, has kept cobalt sulphate prices fluctuating at highs, driving up the quoted and transaction coefficients for cobalt in MHP. Demand side, affected by the DRC's cobalt intermediate product export quota policy, MHP's role as an alternative raw material supplement for cobalt intermediates has become prominent. Coupled with strong downstream demand, refined nickel and nickel salt smelters are mostly adopting a wait-and-see attitude, paying close attention to transaction coefficients. Overall, the market supply and demand are tight, nickel payables are expected to remain supported at high levels, and cobalt payables still have upside room.
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