As of now, the FOB price of Indonesian MHP nickel is $15,118/mt Ni, and the FOB price of Indonesian MHP cobalt is $46,621/mt Co. The MHP payable indicator (against the SMM battery-grade nickel sulphate index) is 82.5-83.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 88. The FOB price of Indonesian high-grade nickel matte is $15,541/mt Ni.
On the MHP market, supply side, due to the concentrated arrival of sulphur, some project production schedules have recovered, and the overall available volume in the market has improved. 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, market available inventory is tight, and sellers are firm in their offers. Demand side, enterprises that externally purchase raw materials currently find using high-grade nickel matte more economical than using MHP. Under tight supply-demand, nickel payables are currently supported at high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is highlighted, making it difficult for nickel payables to decline.
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