[SMM Nickel Intermediate Product Daily Review] November 24 MHP and High-Grade Nickel Matte Prices Decline, MHP Cobalt Price Rises

As of now, the FOB price of Indonesian MHP nickel is $12,831/mt Ni, and the FOB price of Indonesian MHP cobalt is $47,510/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 84-85, and the MHP cobalt payables indicator (against SMM refined cobalt (Rotterdam warehouse)) is 96.5. The FOB price of Indonesian high-grade nickel matte is 13,108 yuan/mt Ni.

Regarding the MHP market situation, supply side, recently, in the spot market, some traders have limited available inventory for sale, supporting high quotations. The DRC's policy to extend the export ban and implement quotas, combined with downstream restocking, has kept cobalt sulphate prices fluctuating at highs, supporting high quotations and transaction coefficients for cobalt in MHP. Demand side, affected by the DRC's cobalt intermediate product export quota policy, MHP's role as a supplementary alternative raw material to cobalt intermediates has become prominent, with refined nickel and nickel salt smelters mostly adopting a wait-and-see attitude. Overall, the market supply and demand are tight, and nickel payables and cobalt payables are expected to remain supported at high levels.

In the high-grade nickel matte market, insufficient circulation volume has led to sluggish transaction activity. Nickel payables are expected to remain supported at high levels.

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