[SMM Daily Review of Nickel Intermediate Products] March 27: Nickel Prices for MHP and High-Grade Nickel Matte Rose

As of now, the FOB price of Indonesian MHP nickel is $15,355/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,232/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 87-88, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,637/mt Ni.

MHP market conditions: Supply side, spot availability was limited, and some sellers suspended quotations. Demand side, the new energy peak season, coupled with rush-to-export demand, kept downstream inquiries active. Overall, tight supply and demand in the market supported nickel payables and cobalt payables at high levels. Looking ahead, affected by the tight supply-demand pattern, nickel payables are expected to remain difficult to decline.

High-grade nickel matte market conditions: Supply side, available market circulation was tight, and sellers held firm offers. Demand side, at present, enterprises purchasing raw materials externally found high-grade nickel matte more economical than MHP. Under tight supply and demand, nickel payables were currently supported at high levels. Looking ahead, amid expectations of tightening MHP supply, high-grade nickel matte's role as a supplementary alternative raw material became more prominent, and nickel payables are expected to remain difficult to decline.

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