[SMM Nickel Intermediate Product Daily Review] December 11 MHP and High-Grade Nickel Matte Prices Decline, MHP Cobalt Price Rises

As of now, the FOB price for Indonesian MHP nickel is $13,051/mt Ni, and the FOB price for Indonesian MHP cobalt is $48,260/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 87-87.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95.5. The FOB price for Indonesian high-grade nickel matte is 13,333 yuan/mt Ni.

In the MHP market, supply side, recent spot market observations indicate that some traders have limited externally salable inventory, providing support for high quotations. The DRC's policy to extend the export ban and implement quotas, coupled with downstream restocking, has led to cobalt sulphate prices fluctuating at highs, supporting high quotations and transaction coefficients for cobalt in MHP. Demand side, influenced by the DRC's cobalt intermediate product export quota policy, MHP's role as a supplementary raw material alternative to cobalt intermediates has become prominent. Refined nickel and nickel salt smelters mostly maintain a wait-and-see attitude. Overall, the market supply and demand are tight, and nickel payables and cobalt payables are expected to be supported at high levels.

In the high-grade nickel matte market, supply side, market liquidity is tight, and seller quotations remain firm. Demand side, enterprises purchasing raw materials externally currently find using high-grade nickel matte more economical than using MHP, driving increased demand for high-grade nickel matte. Amid tight supply and demand, the nickel payable indicator is expected to be supported at high levels.

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