[SMM Nickel Intermediate Product Daily Review] July 21: MHP and High-Grade Nickel Matte Prices Rise

Published: Jul 21, 2026 13:25

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As of now, the FOB price of Indonesian MHP nickel is $15,273/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,198/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 84-85, 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 $15,569/mt Ni.

As of now, the FOB price of Indonesian MHP nickel stands at $15,273/mt Ni, and the FOB price of Indonesian MHP cobalt at $50,198/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) is 84-85, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,569/mt Ni.

In the MHP market, supply side, spot availability is low, and some sellers have suspended quotes. Additionally, the supply reduction of MHP caused by sulphur has yet to show significant recovery, and some producers are still offering nickel payables at high levels. Demand side, affected by relatively weak mid-year downstream inventory building sentiment, nickel sulphate prices are relatively soft, and the low price acceptance of nickel salt smelters suppresses upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables are expected to remain under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, market available volumes are tight, and sellers' offers are firm. Demand side, currently, enterprises purchasing raw materials externally find better economics in using high-grade nickel matte compared to using MHP. Under tight supply-demand conditions, nickel payables are currently supported at high levels. Looking ahead, under expectations of tightening MHP supply, high-grade nickel matte's supplementary role as an alternative raw material is highlighted, making nickel payables difficult to decline.

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