[SMM Nickel Intermediate Products Daily Review] On July 2, nickel prices for MHP and high-grade nickel matte fell, while cobalt prices rose.

Published: Jul 2, 2026 11:52

Save

As of now, the FOB price of Indonesian MHP nickel is $15,127/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,716/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 80.5-81.5, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) is 95. The FOB price of Indonesian high-grade nickel matte is $15,254/mt Ni.

As of now, the FOB price of Indonesian MHP nickel was $15,127/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,716/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) stood at 80.5-81.5, with the MHP cobalt element payable indicator (against SMM refined cobalt, Rotterdam warehouse) at 95. The FOB price of Indonesian high-grade nickel matte was $15,254/mt Ni.

In the MHP market, supply side, the spot circulation was tight, with some sellers suspending quotations. Additionally, the supply reduction of MHP caused by sulfur had not yet shown a significant recovery, and payables for nickel quoted by some producers remained at high levels. Demand side, the month marks the mid-year period, and nickel sulphate prices were relatively weak. Nickel salt smelters' low price acceptance suppressed the upside room for MHP payables. Looking ahead, with upstream cost support and the downstream demand pattern unchanged, MHP nickel and cobalt payables are expected to be under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, the available volume in the market was tight, with sellers maintaining firm quotations. Demand side, for enterprises purchasing raw materials externally, using high-grade nickel matte was more economical than using MHP. Amid tight supply-demand conditions, nickel payables currently found support at high levels.

Looking ahead, under expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is highlighted, making nickel payables hard to decline.

[For more content, please subscribe to SMM nickel research group's products: *China Nickel, Chrome & Stainless Steel Industry Chain Regular Report* and *China Nickel, Chrome & Stainless Steel Industry Chain High-End Report*, to obtain the latest data analysis and market interpretation on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, and stainless steel (China + Indonesia)! ]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

27 mins ago

[SMM Stainless Steel Flash] Chinese Taiwan's Stainless Steel Market Shifting to a Wait-and-See Stance

Following Chinese Taiwan's upstream mills announcing flat July prices, midstream and downstream players share a broadly cautious market outlook, with inventories remaining high and actual demand sluggish. Market participants note that mounting destocking pressure among local distributors has fueled speculation that mills may adjust actual ex-factory prices downward to align with current market trends. However, some industry players argue that since real demand has yet to materialize, indiscriminate price cuts would only weaken the price trend without helping to clear inventory or improve sales performance, doing more harm than good. Overall, the market has shifted into a wait-and-see mode, with price stability under scrutiny.

27 mins ago

30 mins ago

[SMM Stainless Steel Flash] Chinese Taiwan's Tang Eng Pauses Stainless Steel Price Increases for July

Tang Eng Iron Works has issued flat prices for its July stainless steel products, snapping a seven-month streak of consecutive price increases. The decision covers its main 304 hot-rolled and cold-rolled coils as well as 316L surcharges, aligning with major upstream peers Yusco and Walsin Lihwa, which also rolled over their rates yesterday, keeping both sheet products and wire rods steady across the industry. The move marks a temporary pause to seven months of sustained price increases, bringing a period of stability to Chinese Taiwan's domestic stainless steel market.

30 mins ago

49 mins ago

[SMM Stainless Steel Flash] Chinese Taiwan's Walsin Lihwa Freezes Stainless Steel Wire Rod Prices for July

Walsin Lihwa has issued flat pricing for its July stainless steel wire rods, ending seven consecutive months of price increases, with 200, 300, and 400 series products all held unchanged, mirroring Yusco's decision to freeze prices for the month. A stronger US dollar has pressured metal markets, weighing on key raw materials such as nickel and stainless steel scrap. Offsetting factors include rising ferromolybdenum costs and peak summer electricity rates, which continue to add financial pressure on manufacturing operations. Balancing these conflicting cost dynamics against customer needs, Walsin Lihwa opted for a stable pricing approach to safeguard buyers' market competitiveness.

49 mins ago