[SMM Nickel Intermediate Product Daily Review] January 8 MHP and High-Grade Nickel Matte Prices Rise

As of now, the FOB price of Indonesian MHP nickel is $15,402/mt Ni, and the FOB price of Indonesian MHP cobalt is $48,065/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 94-95, 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 15,732 yuan/mt Ni.

Regarding the MHP market situation, supply side, recently, spot market, spot circulation volume is low, and the nickel payables quotation remains supported at high levels due to the tight supply-demand pattern. Demand side, affected by the DRC cobalt intermediate products export quota policy, the supplementary role of MHP as an alternative raw material for cobalt intermediate products has become prominent. However, impacted by the new energy off-season, transaction activity is relatively sluggish, 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 be supported at high levels.

Regarding the high-grade nickel matte market situation, supply side, market circulation volume is tight, and seller quotations are firm. Demand side, currently, for enterprises purchasing raw materials externally, the economics of using high-grade nickel matte are stronger compared to using MHP, driving an increase in demand for high-grade nickel matte. Under tight supply and demand, nickel payables are expected to be supported at high levels.

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