[SMM Nickel Intermediate Product Daily Review] November 6 MHP and High-Grade Nickel Matte Prices Decline, MHP Cobalt Price Rises

As of now, the FOB price for Indonesian MHP nickel is 13,314 yuan/mt Ni, and the FOB price for Indonesian MHP cobalt is $44,047/mt Co. The payable indicator for the cobalt element in MHP (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price for Indonesian high-grade nickel matte is 13,601 yuan/mt Ni.

Regarding the MHP market situation, supply side, recently, in the spot market, some traders have limited available inventory for sale, providing support for offers to fluctuate at highs. The DRC policy announced an extension of the export ban and the implementation of quotas, coupled with downstream restocking, has led to cobalt sulphate prices fluctuating at highs, driving up the offers and payable indicators for cobalt in MHP. Demand side, affected by the DRC's cobalt intermediate product export quota policy, the supplementary role of MHP as an alternative raw material to cobalt intermediate products has become prominent. Combined with relatively strong downstream demand, refined nickel and nickel salt smelters mostly adopt a wait-and-see attitude, paying close attention to the payable indicators. Overall, the market supply and demand are tight, the nickel payables are expected to be supported at highs, and the cobalt payables still have upside room.

Regarding the high-grade nickel matte market situation, insufficient market circulation leads to relatively sluggish transactions. The nickel payables are expected to be supported at highs.

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