[SMM Nickel Intermediate Products Daily Review] Nickel prices of MHP and high-grade nickel matte declined on June 9.

Published: Jun 9, 2026 13:36

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As of now, the FOB price of Indonesian MHP nickel is $17,241/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,393/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) is 89-90, and the MHP cobalt payables (against the SMM refined cobalt (Rotterdam warehouse)) is 95. The FOB price of Indonesian high-grade nickel matte is $17,330/mt Ni.

As of now, the FOB price of Indonesian MHP nickel stands at $17,241/mt Ni, and the FOB price of Indonesian MHP cobalt stands at $51,393/mt Co. The MHP payables indicator (against the SMM battery-grade nickel sulphate index) is 89-90, and the MHP cobalt element payable indicator (against SMM refined cobalt, Rotterdam warehouse) is 95. The FOB price of Indonesian high-grade nickel matte is $17,330/mt Ni.

In the MHP market, supply side, spot availability was limited, and some sellers suspended offers. In addition, as Indonesia recently adjusted its HPM, potentially pushing up hydrometallurgical costs somewhat, coupled with expectations of reduced MHP supply due to sulphur issues, some producers raised their nickel payables offers. Demand side, domestic ternary market demand remained robust this month, with a rebound in nickel sulphate procurement needs, and just-in-time procurement drove the MHP transaction payables higher. Looking ahead, with both upstream cost support and downstream demand recovery in place, MHP nickel and cobalt payables are expected to remain strong overall, with upside room influenced by nickel sulphate prices.

In the high-grade nickel matte market, supply side, available market inventory was tight, and sellers maintained firm offers. Demand side, for enterprises purchasing raw materials externally, using high-grade nickel matte offered a stronger economic advantage compared to MHP. Amid tight supply-demand conditions, nickel payables found solid support at high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes more prominent, making a decline in nickel payables difficult.

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