As of now, the FOB price of Indonesian MHP nickel was $17,377/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,393/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) was 88-89, and the cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 94. The FOB price of Indonesian high-grade nickel matte was $17,466/mt Ni.
In the MHP market, on the supply side, spot availability was limited, and some sellers suspended quotations. Additionally, due to the recent adjustment of HPM in Indonesia, which may push up hydrometallurgical costs, combined with expectations of reduced MHP supply from sulphur-related issues, some producers' nickel payable quotes rose. On the demand side, China’s NCM market demand remained strong this month, and procurement demand for nickel sulphate recovered, with just-in-time procurement driving MHP transaction payables higher. Looking ahead, with upstream cost support and downstream demand recovery coexisting, MHP nickel and cobalt payables are expected to remain largely strong, with upside room influenced by nickel sulphate prices.
In the high-grade nickel matte market, on the supply side, available volumes were tight, and sellers held firm offers. On the demand side, enterprises purchasing raw materials externally found using high-grade nickel matte more economical than MHP. With tight supply-demand conditions, nickel payables found support at high levels. Looking ahead, with MHP supply expected to tighten, high-grade nickel matte’s role as a substitute raw material will become more prominent, making it difficult for nickel payables to decline.
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