[SMM Nickel Intermediate Product Daily Review] July 28: Nickel prices for MHP and high-grade nickel matte rise

Published: Jul 28, 2026 12:22

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As of now, FOB prices for Indonesia MHP nickel are at $15,493/mt Ni, and FOB prices for Indonesia MHP cobalt are at $49,213/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) stand at 85.5-86.5, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are at 93. Indonesia high-grade nickel matte FOB prices are at $15,879/mt Ni.

As of now, the FOB prices for Indonesian MHP are nickel ($15,493/mt Ni) and cobalt ($49,213/mt Co). The MHP payables (against the SMM battery-grade nickel sulphate index) are 85.5-86.5, and the cobalt payable indicator for MHP (against SMM refined cobalt (Rotterdam warehouse)) is 93. The FOB price for Indonesian high-grade nickel matte is $15,879/mt Ni.

In the MHP market, supply side, spot availability is low, and some sellers have suspended quoting. Additionally, the reduction in MHP supply caused by sulphur has not yet significantly recovered, and some producers' nickel payable quotations remain high. Demand side, affected by weak downstream stockpiling willingness mid-year, nickel sulphate prices are relatively weak, and the weaker price acceptance from nickel salt smelters is capping the upside room of MHP payables. Looking ahead, the pattern of upstream cost support and downstream demand remains unchanged, and MHP nickel and cobalt payables may come under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, market availability is tight, and seller quotations are firm. Demand side, currently, for enterprises that purchase raw materials externally, the economics of using high-grade nickel matte are stronger compared to MHP. Under tight supply-demand conditions, nickel payables are currently supported at high levels. Looking ahead, amid expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, and nickel payables are unlikely to decline.

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