[SMM Nickel Intermediate Product Daily Review] On July 8, MHP, high-grade nickel matte nickel prices, and cobalt prices declined.

Published: Jul 8, 2026 12:47

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As of now, the FOB price of Indonesian MHP nickel is $14,838/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,010/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 81.5-83, 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 $14,964/mt Ni.

As of now, the FOB price of Indonesian MHP nickel stands at $14,838/mt Ni, while the FOB price of Indonesian MHP cobalt is $50,010/mt Co. The MHP payable indicator (relative to the SMM battery-grade nickel sulphate index) is 81.5-83. The MHP cobalt payable indicator (relative to SMM refined cobalt, warehouse Rotterdam) is 94. The FOB price of Indonesian high-grade nickel matte is $14,964/mt Ni.

In the MHP market, supply side, spot availability remains limited, with some sellers suspending quotations. Additionally, the production reduction of MHP caused by sulphur has yet to see significant recovery, and nickel payables quoted by some producers remain elevated. Demand side, influenced by weak mid-year downstream restocking willingness, nickel sulphate prices are relatively soft, and nickel salt smelters' low price acceptance is suppressing upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns 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, available volumes are tight, and sellers are maintaining firm quotations. Demand side, enterprises currently purchasing raw materials externally are finding high-grade nickel matte more economical compared to MHP. Amid tight supply-demand conditions, nickel payables are currently finding support at high levels. Looking ahead, with expectations of tighter MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes pronounced, making downward movement in nickel payables unlikely.

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