[SMM Nickel Intermediate Product Daily Review] July 15: MHP and High-Grade Nickel Matte Nickel Prices Rise

Published: Jul 15, 2026 11:57

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As of now, the FOB price of Indonesian MHP nickel is $14,923/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,169/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 82.5-84, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,213/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,923/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,169/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 82.5-84, 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 $15,213/mt Ni.

In the MHP market, from the supply side, spot availability is low and some sellers have suspended quotations. In addition, the reduction in MHP supply caused by sulphur has not yet significantly recovered, and some producers' nickel payable quotations remain at high levels. On the demand side, affected by weak downstream stockpiling willingness in the middle of the year, nickel sulphate prices have been relatively weak, and the limited price acceptance by nickel salt smelters is suppressing the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand pattern unchanged, MHP nickel and cobalt payables may come under pressure due to the weakness of sulphate prices.

In the high-grade nickel matte market, on the supply side, market availability is tight and sellers' quotations are firm. On the demand side, for companies that purchase raw materials externally, the economics of using high-grade nickel matte are currently stronger than using MHP. Under the tight supply-demand balance, nickel payables are currently supported at high levels. Looking ahead, with expectations of tightening 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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