[SMM Nickel Intermediate Products Daily Review] August 3: MHP and high-grade nickel matte prices decline

Published: Aug 3, 2026 13:28

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As of now, the FOB price of Indonesian MHP nickel is $15,418/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,331/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 85-86, and the MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) is 92. The FOB price of Indonesian high-grade nickel matte is $15,802/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,418/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,331/mt Co. The MHP payable indicator (against SMM battery-grade nickel sulphate index) is 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt, Rotterdam warehouse) is 92. The FOB price of Indonesian high-grade nickel matte is $15,802/mt Ni.

In the MHP market, supply side, spot cargo availability is low, with some sellers suspending quotations. In addition, the MHP supply reduction caused by sulphur has not yet visibly recovered, and some producers' nickel payables remain at high levels. Demand side, affected by weak downstream stockpiling willingness mid-year, nickel sulphate prices are relatively soft, and nickel salt smelters' low price acceptance is capping the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables are expected to be under pressure due to weak sulphate prices.

In the high-grade nickel matte market, supply side, available market volume is tight, and sellers maintain firm offers. Demand side, enterprises currently purchasing raw materials externally find using high-grade nickel matte more economical than MHP. Under tight supply-demand conditions, nickel payables currently have strong support 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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