[SMM Nickel Intermediate Products Daily Review] On June 29, MHP and high-grade nickel matte nickel prices fell, while cobalt prices rose.

Published: Jun 29, 2026 11:52

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As of now, the Indonesian MHP nickel FOB price is $15,627/mt Ni, and the Indonesian MHP cobalt FOB price is $51,505/mt Co. The MHP payables (against the 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 Indonesian high-grade nickel matte FOB price is $15,712/mt Ni.

As of the latest, Indonesia's MHP nickel FOB price was $15,627/mt Ni, and Indonesia's MHP cobalt FOB price was $51,505/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 81.5-82.5, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) were 97. Indonesia's high-grade nickel matte FOB price was $15,712/mt Ni.

MHP market situation, supply side, spot cargo circulation was limited, and some sellers suspended quotations. Additionally, the MHP supply reduction caused by sulphur had yet to see a significant recovery, and some producers' nickel payable quotations remained at high levels. Demand side, with this month marking the mid-year period, nickel sulphate and cobalt prices were relatively weak, nickel salt smelters' acceptance of payables edged down, and cobalt salt smelters' acceptance of payables pulled back notably. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may remain under pressure due to weak sulphate prices.

High-grade nickel matte market situation, supply side, market available volumes were tight, and seller quotes were firm. Demand side, currently, for enterprises purchasing external raw materials, the economic viability of using high-grade nickel matte was stronger compared to MHP. Amid tight supply and demand, nickel payables currently received support at high levels. Looking ahead, under expectations of tightened MHP supply, the supplementary role of high-grade nickel matte as an alternative material is highlighted, making it difficult for nickel payables to decline.

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