As of now, the FOB price for Indonesian MHP nickel is $12,948/mt Ni, and the FOB price for Indonesian MHP cobalt is $47,816/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 86-87, 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 13,227 yuan/mt Ni.
Regarding the MHP market, supply side, recent spot market observations show some traders have adjusted cobalt payables quotes due to low downstream purchase willingness, while nickel payables quotes remain supported at high levels due to tight supply-demand conditions. Demand side, affected by the DRC's cobalt intermediate products export quota policy, MHP's role as a supplementary alternative raw material for cobalt intermediates has become prominent. However, due to the new energy off-season, transaction activity is sluggish, with refined nickel and nickel salt smelters mostly adopting a wait-and-see attitude. Overall, the market faces tight supply and demand, with nickel payables expected to remain supported at high levels and cobalt payables expected to see a slight decline.
In the high-grade nickel matte market, supply side, available spot cargo is tight, and seller quotes remain firm. Demand side, enterprises that purchase 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 remain supported at high levels.
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