As of now, the FOB price of Indonesian MHP nickel is $15,017/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,496/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) ranged 80-81, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) were 95. The FOB price of Indonesian high-grade nickel matte is $15,143/mt Ni.
MHP Market Situation: Supply side, spot cargo availability was limited, with some sellers suspending quotations. Additionally, the MHP supply reduction caused by sulphur had not yet recovered significantly, and some producers' nickel payables remained high. Demand side, affected by weak downstream stocking willingness in mid-year, nickel sulphate prices were relatively weak, and muted price acceptance by nickel salt smelters suppressed the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may be under pressure due to weak sulphate prices.
High-Grade Nickel Matte Market Situation: Supply side, available market supply was tight, and sellers' quotations were firm. Demand side, for enterprises purchasing raw materials externally, the economics of using high-grade nickel matte were stronger than using MHP. Under tight supply-demand conditions, nickel payables were supported at high levels.
Looking ahead, amid expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material became prominent, making a decline in nickel payables unlikely.
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