[SMM Nickel Intermediate Products Daily Review] June 25: MHP, high-grade nickel matte nickel prices fell, cobalt prices rose

Published: Jun 25, 2026 13:30

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As of now, Indonesia MHP nickel FOB price is $16,067/mt Ni, and Indonesia MHP cobalt FOB price is $51,445/mt Co. The MHP payable indicator (against SMM battery-grade nickel sulphate index) is 81.5-82.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 97. The Indonesia high-grade nickel matte FOB price is $16,153/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $16,067/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,445/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) is 81.5-82.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 97. The FOB price of Indonesian high-grade nickel matte is $16,153/mt Ni.

MHP market conditions: On the supply side, spot cargo circulation is limited, and some sellers have suspended quotations. Additionally, the supply reduction of MHP caused by sulphur has not yet significantly recovered, and some producers' nickel payables quotations remain high. On the demand side, this month marks the mid-year period, nickel sulphate prices are relatively weak, and nickel salt smelters' weak price acceptance suppresses the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may remain under pressure due to weak nickel sulphate prices.

High-grade nickel matte market conditions: On the supply side, market availability is tight, and sellers' quotations are firm. On the demand side, enterprises that purchase raw materials externally currently find it more economical to use high-grade nickel matte than MHP. Under tight supply and demand, nickel payables find support at current high levels. Looking ahead, amid expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, making it difficult for nickel payables to decline.

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