As of now, the FOB price of Indonesian MHP nickel is $15,887/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,086/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 86-86.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 91.5. The FOB price of Indonesian high-grade nickel matte is $16,226/mt Ni.
In the MHP market, supply side, spot market analysis shows limited spot circulation, and the nickel payables quotations remain high due to the tight supply-demand situation. Demand side, affected by the DRC's cobalt intermediate products export quota policy, MHP's role as a supplementary raw material substitute for cobalt intermediate products has become prominent. However, downstream acceptance of high-priced intermediate products is low, resulting in sluggish transaction activity, 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 high.
In the high-grade nickel matte market, supply side, market circulation is tight, and seller quotations are firm. Demand side, enterprises purchasing raw materials externally currently find using high-grade nickel matte more economical compared to using MHP. Under tight supply and demand, nickel payables are expected to remain high.
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