[SMM Nickel Intermediate Products Daily Review] June 22, MHP prices, high-grade nickel matte nickel prices, and cobalt prices rise.

Published: Jun 22, 2026 12:01

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As of now, the FOB price of Indonesian MHP nickel is $16,387/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,383/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are at 86-87, while MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are at 95. The FOB price of Indonesian high-grade nickel matte stands at $16,474/mt Ni.

As of now, the FOB price of Indonesian MHP nickel stood at $16,387/mt Ni, and the FOB price of Indonesian MHP cobalt was $51,383/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were indicated at 86-87, and the MHP cobalt payable indicator (against SMM refined cobalt, Rotterdam warehouse) stood at 95. The FOB price of Indonesian high-grade nickel matte was $16,474/mt Ni.

In the MHP market, supply side, spot availability was limited, and some sellers paused quoting. Additionally, Indonesia’s recent HPM adjustment may drive up hydrometallurgical costs, compounded by expectations of reduced MHP supply due to sulphur-related issues, leading some producers to raise their nickel payables. Demand side, China’s ternary market demand remained robust this month, with nickel sulphate procurement needs rebounding; just-in-time procurement pushed MHP transaction payables higher. Looking ahead, with upstream cost support coexisting with downstream demand recovery, 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, market availability was tight, and sellers maintained firm offers. Demand side, enterprises currently purchasing raw materials externally found high-grade nickel matte more economical than MHP. Amid tight supply-demand conditions, nickel payables found support at elevated levels. Looking ahead, against expectations of tightening MHP supply, high-grade nickel matte’s supplementary role as an alternative raw material becomes more pronounced, making it difficult for nickel payables to decline.

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