[SMM Nickel Intermediate Product Daily Review] August 13 MHP and High-Grade Nickel Matte Nickel Prices Declined

Published: Aug 13, 2026 13:00

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As of now, the FOB price of Indonesian MHP nickel is $15,083/mt Ni, and the FOB price of Indonesian MHP cobalt is $45,185/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) stand at 83.5-84.5, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) stand at 86. The FOB price of Indonesian high-grade nickel matte is $15,505/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $15,083/mt Ni, and the FOB price of Indonesian MHP cobalt is $45,185/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) stood at 83.5-84.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) stood at 86. The FOB price of Indonesian high-grade nickel matte is $15,505/mt Ni.

In the MHP market, supply side, with sulphur arrivals concentrated at ports, production schedules at some projects have recovered, and overall market sellable volumes have recovered somewhat. Demand side, nickel sulphate and cobalt sulphate prices are currently both relatively weak, and sulphate producers have limited price acceptance, weighing on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are likely to remain under pressure due to weak cobalt sulphate prices.

In the high-grade nickel matte market, supply side, market availability is tight, and sellers are firm in their offers. Demand side, for enterprises using externally purchased raw materials, the economics of using high-grade nickel matte are currently stronger than those of using MHP. Given tight supply-demand conditions, nickel payables are currently supported at high levels. Looking ahead, with expectations of tighter MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material will become more prominent, and nickel payables are unlikely to fall.

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