[SMM Nickel Intermediate Product Daily Review] April 7: MHP and High-Grade Nickel Matte Nickel Prices Declined

Published: Apr 7, 2026 11:57

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As of now, the FOB price of Indonesian MHP nickel was $15,341/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,425/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stood at 86-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,623/mt Ni.

As of now, the FOB price of Indonesian MHP nickel was $15,341/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,425/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 86-87, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $15,623/mt Ni.

MHP market: Supply side, spot cargo availability was low, with some sellers suspending their offers. Demand side, the cancellation of export tax rebates for certain new energy products was implemented, demand for ternary products declined, and downstream raw material demand decreased. Overall, under the pattern of weakness in both supply and demand, payables remained stable. Looking ahead, nickel payables are unlikely to decline due to the tight supply-demand dynamics.

High-grade nickel matte market: Supply side, available volumes in the market were tight, and sellers' offers remained firm. Demand side, the economics of using high-grade nickel matte for enterprises that externally purchased raw materials were currently stronger than using MHP. Under tight supply-demand conditions, nickel payables were supported at high levels. Looking ahead, with expectations of tightening MHP supply, the role of high-grade nickel matte as a supplementary alternative raw material is expected to become more prominent, and nickel payables are unlikely to decline.

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