[SMM Nickel Intermediate Product Daily Review] On August 11, nickel prices for MHP and high-grade nickel matte declined

Published: Aug 11, 2026 13:00

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As of now, the FOB price of Indonesian MHP nickel is $15,206/mt Ni, and the FOB price of Indonesian MHP cobalt is $46,715/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 83-85, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 88. The FOB price of Indonesian high-grade nickel matte is $15,632/mt Ni.

On the MHP market, supply side, as sulfur has arrived in concentrated shipments, some project production schedules have recovered, and overall market available volumes have picked up. Demand side, current nickel and cobalt sulphate prices are weak, and salt plants' price acceptance is low, putting pressure on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are expected to be under pressure due to weak cobalt sulphate prices.

On the high-grade nickel matte market, supply side, available market volumes are tight, and sellers' offers are firm. Demand side, enterprises that purchase raw materials externally currently find using high-grade nickel matte more economical than MHP. Amid tight supply-demand conditions, nickel payables are currently supported at high levels. Looking ahead, with expectations of tighter MHP supply, high-grade nickel matte's role as a substitute raw material is highlighted, and nickel payables are unlikely to decline.

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