As of now, Indonesia's MHP nickel FOB price is $14,773/mt Ni, and Indonesia's MHP cobalt FOB price is $50,109/mt Co. MHP payables (based on SMM battery-grade nickel sulphate index) stand at 81.5-82.5, and MHP cobalt payable indicator (based on SMM refined cobalt (Rotterdam warehouse)) is at 94. Indonesia's high-grade nickel matte FOB price is $15,014/mt Ni.
MHP market, supply side, available spot MHP is limited, and some sellers have suspended quotes. In addition, the supply reduction caused by sulphur has not seen significant recovery, and some producers' nickel payables quotes remain high. Demand side, affected by weak downstream stockpiling willingness mid-year, nickel sulphate prices are relatively soft, and nickel salt smelters' weak price acceptance is suppressing the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may run under pressure due to weak sulphate prices.
High-grade nickel matte market, supply side, available market supply is tight, and sellers' quotes are firm. Demand side, enterprises with externally purchased raw materials currently find high-grade nickel matte more economical than using MHP. Amidst supply-demand tightness, nickel payables are currently supported at high levels. Looking ahead, amid expectations of tighter MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, making it difficult for nickel payables to decline.
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