Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Also Declines

[SMM Nickel Flash] On August 17, the SMM high-grade NPI market sentiment index was 1.91, down 0.02 MoM; the high-grade NPI upstream sentiment index was 2.06, flat MoM; and the high-grade NPI downstream sentiment index was 1.76, down 0.04 MoM. Trading in the high-grade NPI spot market further cooled.

To date, the FOB price of Indonesian MHP nickel was $14,977/mt Ni, and the FOB price of Indonesian MHP cobalt was $42,179/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 82-83, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) was 80. The FOB price of Indonesian high-grade nickel matte was $15,491/mt Ni.

Indonesia's Ministry of Energy and Mineral Resources (ESDM) has officially released the benchmark mineral price (HMA) for the second half of August 2026. The HMA for this period is as follows: nickel price at US$16,960/tonne, rise from US$16,646/tonne in the first half of August 2026, representing an increase of US$314.00/tonne, or 1.89%. Meanwhile, the benchmark prices for other minerals are: cobalt at US$55,869.00/tonne, iron ore at US$1.41/tonne, and chromite ore at US$6.37/tonne. According to SMM's internal calculation model, based on simulations for pyrometallurgical ore (20% Fe, 1% Cr, 0.05% Co) and hydrometallurgical ore (45% Fe, 2% Cr, 0.10% Co), the benchmark nickel ore prices (HPM) for different grades have changed as follows: - Ni 1.2%: US$46.12/wmt (increase US$0.64) - Ni 1.3%: US$50.42/wmt (increase US$0.72) - Ni 1.4%: US$54.57/wmt (increase US$0.68) - Ni 1.5%: US$59.31/wmt (increase US$0.77) - Ni 1.6%: US$64.28/wmt (increase US$0.86)