[SMM Nickel Intermediate Products Daily Review] June 15, MHP, high-grade nickel matte, and cobalt prices declined.

Published: Jun 15, 2026 11:44

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As of now, the Indonesia MHP nickel FOB price is $16,398/mt Ni, and the Indonesia MHP cobalt FOB price is $51,302/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) is 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95. The Indonesia high-grade nickel matte FOB price is $16,485/mt Ni.

As of the latest data, the FOB price of Indonesian MHP nickel stood at $16,398/mt Ni, while Indonesian MHP cobalt FOB price stood at $51,302/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) stood at 85-86, and the cobalt payables for MHP (against SMM refined cobalt, Rotterdam warehouse) stood at 95. The FOB price of Indonesian high-grade nickel matte stood at $16,485/mt Ni.

In the MHP market, the supply side saw low spot availability, with some sellers suspending quotations. Additionally, recent adjustments to Indonesia's HPM may have driven up hydrometallurgical costs, and combined with expectations of reduced MHP supply due to sulphur-related issues, nickel payables at some producers have risen. On the demand side, China's ternary market demand remained robust this month, driving a rebound in procurement demand for nickel sulphate, and just-in-time procurement pushed MHP payable indicators higher. Looking ahead, with upstream cost support coexisting with downstream demand recovery, overall MHP nickel and cobalt payables are expected to remain on a strong footing, though upside room will be influenced by nickel sulphate prices.

In the high-grade nickel matte market, the supply side saw tight availability, with sellers firm on quotes. On the demand side, enterprises that purchase raw materials externally found high-grade nickel matte more economical compared to MHP. Under a tight supply-demand balance, nickel payables were supported at high levels. Looking ahead, expectations of tighter MHP supply highlight high-grade nickel matte's supplementary role as an alternative raw material, and nickel payables are unlikely to decline.

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