As of now, the FOB price for Indonesian MHP nickel is 13,422 yuan/mt Ni, and the FOB price for Indonesian MHP cobalt is $41,302/mt Co. The FOB price for Indonesian high-grade nickel matte is 13,711 yuan/mt Ni.
Regarding the MHP market, supply side, recently, in the spot market, some traders have limited available inventory for sale, providing support for prices to fluctuate at highs. The DRC's policy to extend the export ban and implement quotas, coupled 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 export quota policy for cobalt intermediate products, MHP's role as a substitute raw material for cobalt intermediate products has become prominent. Combined 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 be supported at high levels, and cobalt payables still have upside room.
In the high-grade nickel matte market, insufficient circulation volume has led to sluggish transaction activity. Nickel payables are expected to be supported at high levels.
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