[SMM Nickel Intermediate Products Daily Review] July 14 MHP, high-grade nickel matte nickel prices rise

Published: Jul 14, 2026 11:45

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As of now, the FOB price of Indonesian MHP nickel is $14,844/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 82-83, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,069/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,844/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,109/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stand at 82-83, while MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,069/mt Ni.

MHP market, supply side, spot availability is limited, and some sellers have suspended quotations. Additionally, sulphur-related reductions in MHP supply have not yet significantly recovered, with some producers' nickel payables remaining at high levels. Demand side, affected by weak downstream destocking willingness in mid-year, nickel sulphate prices are relatively underperforming, and nickel salt smelters' lower price acceptance curbs upside room for MHP payables. Looking ahead, as upstream cost support and downstream demand patterns remain unchanged, MHP nickel and cobalt payables may remain under pressure due to weak sulphate prices.

High-grade nickel matte market, supply side, market availability is tight, and seller quotes are firm. Demand side, enterprises purchasing raw materials externally find better cost-effectiveness in using high-grade nickel matte compared to MHP. Amid tight supply-demand, nickel payables currently have high-level support. Looking ahead, with expectations of tighter MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes more prominent, making nickel payables unlikely to decline.

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