[SMM Nickel Intermediate Product Daily Review] On June 10, MHP, high-grade nickel matte prices, and cobalt prices declined.

As of now, the FOB price of Indonesian MHP nickel is $17,010/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,363/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) is 89-90, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95. The FOB price of Indonesian high-grade nickel matte is $17,098/mt Ni.

MHP market: On the supply side, spot MHP availability is low, with some sellers suspending quotations. Additionally, the recent adjustment of Indonesia's HPM may have lifted hydrometallurgical costs somewhat, coupled with expectations of reduced MHP supply due to sulphur, leading some producers to raise their nickel payable quotations. On the demand side, China's ternary battery market demand remained strong this month, with nickel sulphate procurement demand rebounding, and just-in-time procurement drove MHP transaction payables higher. Looking ahead, upstream cost support and downstream demand recovery coexist, and MHP nickel and cobalt payables are expected to remain broadly strong, with upside room influenced by nickel sulphate prices.

High-grade nickel matte market: On the supply side, market availability is tight, and seller quotations are firm. On the demand side, the economics of using high-grade nickel matte for externally purchased raw material enterprises are currently stronger than using MHP. Amidst tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, as MHP supply tightening expectations persist, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, making nickel payables difficult to decline.

[For more content, subscribe to SMM Nickel Research Group products "China Nickel, Chrome, and Stainless Steel Industry Chain Regular Report" and "China Nickel, Chrome, and Stainless Steel Industry Chain High-End Report" to access the latest data analysis and market insights on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)!]