[SMM Nickel Intermediate Products Daily Review] July 29 MHP, High-grade Nickel Matte Nickel Prices Decline

Published: Jul 29, 2026 14:56

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As of now, the FOB price of Indonesian MHP nickel was $15,473/mt Ni, and the FOB price of Indonesian MHP cobalt was $49,311/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) were 84-85, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) were 92. The FOB price of Indonesian high-grade nickel matte was $15,859/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,473/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,311/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) stand at 84-85, while MHP cobalt payables (against SMM refined cobalt, Rotterdam warehouse) are at 92. Indonesian high-grade nickel matte FOB price is $15,859/mt Ni.

In the MHP market, supply side, spot cargo availability is low, with some sellers suspending quotations. Additionally, MHP supply reductions caused by sulphur have yet to recover notably, keeping some producers' nickel payables at elevated levels. Demand side, weaker mid-year downstream restocking sentiment has weighed on nickel sulphate prices, and smelters' limited price acceptance is capping upside room for MHP payables. Looking ahead, given unchanged dynamics of upstream cost support and downstream demand, MHP nickel and cobalt payables are expected to remain under pressure amid soft sulphate prices.

In the high-grade nickel matte market, supply side, market availability is tight, and sellers are holding firm offers. Demand side, it is currently more economical for enterprises using externally purchased raw materials to use high-grade nickel matte compared with MHP. Tight supply-demand conditions are providing high support for nickel payables. Looking ahead, with expectations of tightening MHP supply, high-grade nickel matte's supplementary role as an alternative raw material is becoming more prominent, making it difficult for nickel payables to decline.

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