[SMM Nickel Intermediate Product Daily Comment] August 4: MHP and High-Grade Nickel Matte Nickel Prices Decline

Published: Aug 4, 2026 11:50

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As of now, the Indonesia MHP nickel FOB price stood at $15,348/mt Ni, and the Indonesia MHP cobalt FOB price was $49,311/mt Co. The MHP payables for SMM battery-grade nickel sulphate index were 85-86%, while the MHP cobalt element payable indicator for SMM refined cobalt (Rotterdam warehouse) was 92%. The Indonesia high-grade nickel matte FOB price was $15,731/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,348/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,311/mt Co. MHP payables (to SMM battery-grade nickel sulphate index) are at 85-86, and MHP cobalt payable indicator (to SMM refined cobalt (Rotterdam warehouse)) is at 92. The FOB price of Indonesian high-grade nickel matte is $15,731/mt Ni.

MHP market, supply side, spot circulation is low, with some sellers suspending quotes. Additionally, the reduction in MHP supply caused by sulphur has not significantly recovered yet, and some producers’ nickel payables quotations remain at high levels. Demand side, affected by weak downstream restocking willingness mid-year, nickel sulphate prices have shown relative weakness, and nickel salt smelters’ weak price acceptance has capped the upside room for MHP payables. Looking ahead, with upstream cost support and downstream demand patterns unchanged, MHP nickel and cobalt payables may be under pressure due to weak sulphate prices.

High-grade nickel matte market, supply side, available volumes are tight, and sellers’ quotes are firm. Demand side, for enterprises purchasing raw materials externally, using high-grade nickel matte is currently more economical than using MHP. With tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, amid expectations of tightening MHP supply, the supplement role of high-grade nickel matte as an alternative raw material may become prominent, making nickel payables unlikely to decline.

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