[SMM Nickel Intermediate Product Daily Review] January 29 MHP and High-Grade Nickel Matte Prices Rise

As of now, the FOB price of Indonesian MHP nickel is $16,251/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,465/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 88.5-89, 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 $16,638/mt Ni.

In the MHP market, supply side, recent spot market observations indicate scarce spot circulation; the nickel payables remain supported at high levels due to tight supply-demand conditions, with some traders slightly lowering quotes to recoup funds. 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, and most refined nickel and nickel salt smelters maintain a wait-and-see attitude, resulting in few just-in-time procurement transactions. Overall, the market supply and demand are tight, and both nickel payables and cobalt payables are currently supported at high levels.

In the high-grade nickel matte market, supply side, market circulation is tight, and seller quotes remain firm. Demand side, enterprises that externally purchase raw materials currently find using high-grade nickel matte more economical compared to using MHP. Under tight supply and demand, the nickel payables are currently supported at high levels.

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