【SMM Announcement】Announcement on the Publication of the "MHP Cobalt Payable to SMM Cobalt Metal (in-whs Rotterdam)" Price Point

Within the cobalt supply chain, the supply shortage of cobalt intermediate products, driven by policy bans and quota policies in the DRC, has led to MHP becoming a significant alternative raw material. Due to its high cost-effectiveness and stable supply, MHP has emerged as another vital source of global cobalt supply. Concurrently, there is a collective industry demand for greater price transparency and standardization.

To better serve the upstream and downstream industry chain, enhance market price discovery efficiency, and reduce transaction costs, SMM has decided to publish the " MHP Cobalt Payable to SMM Cobalt Metal (in-whs Rotterdam)" price on November 5, 2025.

Details of the price point are as follows:

• Description: MHP Cobalt Payable to SMM Cobalt Metal (in-whs Rotterdam)
• Quality: on dry basis，Ni 30-45%，Co 1-6%，Al 1% max, Mn 10% max, Mg 5% max，Fe 2% max
• Definition: FOB Indonesia main ports
• Unit: %
• Major Brands: Huayue, Huafei, Lygend, QMB,etc
• Quantity: Min 125 tonnes
• Timing: Within 90 days
• Publication Time: Daily, by 12am Beijing Time
• Payment Terms: cash, other terms normalized

SMM Nickel Industry Research Department
Nov 3, 2025