[SMM Nickel Intermediate Product Daily Review] December 30 MHP and High-Grade Nickel Matte Prices Rise

As of now, the FOB price of Indonesian MHP nickel is $13,817/mt Ni, and the FOB price of Indonesian MHP cobalt is $47,038/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 93.5-94, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 92. The FOB price of Indonesian high-grade nickel matte is 14,117 yuan/mt Ni.

Regarding the MHP market situation, supply side, recently, in the spot market, some sellers adjusted cobalt payables quotations due to low downstream purchase willingness and increased profit margins brought by rising nickel prices, while nickel payables quotations remained high due to tight supply-demand conditions. Demand side, affected by the DRC's cobalt intermediate products export quota policy, the supplementary role of MHP as an alternative raw material for cobalt intermediate products has become prominent. However, due to the new energy off-season, transaction activity is sluggish, and refined nickel and nickel salt smelters mostly maintain a wait-and-see attitude. Overall, the market supply and demand are tight, nickel payables are expected to remain high, and cobalt payables are expected to fluctuate slightly.

Regarding the high-grade nickel matte market situation, supply side, market liquidity is tight, and seller quotations are firm. Demand side, enterprises purchasing raw materials externally currently find using high-grade nickel matte more economical than using MHP, driving an increase in demand for high-grade nickel matte. Under tight supply and demand, nickel payables are expected to remain high.

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