[SMM Nickel Intermediate Product Daily Review] July 22, MHP Nickel and Cobalt Prices Decline, High-Grade Nickel Matte Nickel Price Rises

Published: Jul 22, 2026 11:46

Save

As of now, the FOB price of Indonesian MHP nickel is $15,259/mt Ni, the FOB price of Indonesian MHP cobalt is $49,340/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 84.5-85.5, MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 93. The FOB price of Indonesian high-grade nickel matte is $15,569/mt Ni.

As of now, the FOB price of Indonesia MHP nickel is $15,259/mt Ni, and the FOB price of Indonesia MHP cobalt is $49,340/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) stand at 84.5-85.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 93. The FOB price of Indonesia high-grade nickel matte is $15,569/mt Ni.

In the MHP market, supply side, spot supply is limited and some sellers have suspended quotations. In addition, the MHP supply reduction caused by sulphur has not yet significantly recovered, keeping some producers' nickel payables quotations at high levels. Demand side, affected by weak downstream stockpiling willingness mid-year, nickel sulphate prices performed relatively weakly, and nickel salt smelters' low price acceptance suppressed the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may remain under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, market availability is tight and sellers stand firm on quotations. Demand side, companies purchasing raw materials externally find using high-grade nickel matte more economical than using MHP. Under tight supply-demand, nickel payables currently have high-level support. Looking ahead, amid expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is highlighted, making nickel payables difficult to decline.

[For more content, please subscribe to SMM Nickel Research Group's products "China Nickel-Chrome-Stainless Steel Industry Chain Regular Report" and "China Nickel-Chrome-Stainless Steel Industry Chain High-end Report", to obtain the latest data analysis and market insights on nickel ore, NPI (China + Indonesia), refined nickel, nickel sulphate, chrome ore, ferrochrome, stainless steel (China + Indonesia)! ]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Data: SHFE, DCE market movement (Aug 24)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Aug , 2026

1 hour ago

【SMM Nickel Flash】Philippines & China Weather Update (August 24, 2026)

Typhoon Saudel (locally Obet) entered the Philippine Area of Responsibility on August 24 and is moving west-northwestward, with potential impacts on the East China Sea and East China coast around August 26–27, though the track remains uncertain. For nickel logistics, Zambales/Sta. Cruz and Subic loading ports remain the key areas to watch, as heavy rain, strong winds and rough seas could cause short-term disruptions to ore loading and transportation. Surigao and other major nickel areas are expected to see limited impact. In mainland China, the East China Sea route and East China coastal ports should be monitored, as deteriorating sea conditions could temporarily affect vessel operations and port activities around August 26–27.

1 hour ago

2 hours ago

[SMM Nickel Flash News] Indonesia Update — August 24, 2026

Indonesian nickel ore CIF average prices remained unchanged across all three grades: 1.4% Ni: CIF average price at $53.3/wmt 1.5% Ni: CIF average price at $60.8/wmt 1.6% Ni: CIF average price at $65.8/wmt Indonesia Policy Update — August 24, 2026 The Indonesian nickel ore market remains in a wait-and-see period, with the market closely monitoring further RKAB approvals and potential quota adjustments. Meanwhile, the government has delayed the implementation of the planned windfall tax, while further details on the policy remain under discussion. Weather conditions across major nickel-producing regions remain generally manageable, although localized heavy rainfall could still cause temporary disruptions to mining and logistics. The market is also waiting for a potential revision to the HPM formula for limonite ore. Any changes to the pricing mechanism, particularly the treatment of associated metals and corrective factors, could affect limonite pricing and HPAL feedstock economics.

2 hours ago