[SMM Daily Nickel Intermediate Product Review] March 4: Nickel Prices for MHP and High-Grade Nickel Matte Declined

Published: Mar 4, 2026 11:05

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As of now, the FOB price of Indonesian MHP nickel was $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt was $49,819/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni.

As of now, the FOB price of Indonesian MHP nickel was $15,549/mt Ni in metal content, and the FOB price of Indonesian MHP cobalt was $49,819/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni in metal content.

MHP market: Supply side, spot cargo availability was limited, and some sellers suspended quotations. Demand side, the new energy peak season combined with rush to export demand, and downstream enquiries were active. Overall, supply and demand were tight, supporting nickel payables and cobalt payables at high levels.

High-grade nickel matte market: Supply side, market availability was tight, and sellers’ quotations were firm. Demand side, at present, for enterprises purchasing raw materials externally, using high-grade nickel matte was more economical than using MHP. Amid tight supply and demand, nickel payables were currently supported at high levels.

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