[SMM Nickel Intermediate Product Daily Review] On July 7, MHP and high-grade nickel matte nickel prices and cobalt prices fell

Published: Jul 7, 2026 11:59

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As of now, the FOB price of Indonesian MHP nickel is $14,860/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,109/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 80.5-82, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 94. The FOB price of Indonesian high-grade nickel matte is $14,985/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,860/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,109/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) is 80.5-82, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $14,985/mt Ni.

MHP market situation, supply side, spot cargo availability is low, and some sellers have suspended offering quotes. Additionally, the reduction in MHP supply caused by sulphur has not yet significantly recovered, and some producers still have nickel payables quotes at high levels. Demand side, affected by weak downstream stockpiling willingness mid-year, nickel sulphate prices have been relatively weak, and nickel salt smelters’ low price acceptance is suppressing the upside room for MHP payables. Looking ahead, the pattern of upstream cost support and downstream demand remains unchanged. MHP nickel and cobalt payables are likely to run under pressure due to weak sulphate prices.

High-grade nickel matte market situation, supply side, available market supply is tight, and sellers are offering firm quotes. Demand side, for enterprises that purchase raw materials externally, the economics of using high-grade nickel matte are currently better than using MHP. Under tight supply-demand conditions, nickel payables are currently supported at high levels. Looking ahead, under expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material will be highlighted, making it difficult for nickel payables to decline.

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