[SMM Nickel Intermediate Product Daily Review] August 21: MHP and high-grade nickel matte prices decline, cobalt prices decline

Published: Aug 21, 2026 13:07

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As of now, the FOB price for Indonesian MHP nickel is $14,850/mt Ni and for Indonesian MHP cobalt is $40,287/mt Co. The MHP payables (vs. SMM battery-grade nickel sulphate index) stand at 83-84, while the MHP cobalt payable indicator (vs. SMM refined cobalt (Rotterdam warehouse)) is 78. The FOB price for Indonesian high-grade nickel matte is $15,478/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,850/mt Ni, and the FOB price of Indonesian MHP cobalt is $40,287/mt Co. MHP payables (to the SMM battery-grade nickel sulphate index) at 83-84, and MHP cobalt element payable indicator (to the SMM refined cobalt (Rotterdam warehouse)) at 78. The FOB price of Indonesian high-grade nickel matte is $15,478/mt Ni.

On the MHP market side, from the supply side, as sulphur has arrived at port in a concentrated manner, the production schedule for some projects has recovered to some extent, and the volume available for external sale in the market has recovered overall. From the demand side, currently both nickel sulphate and cobalt sulphate prices are relatively weak, and the price acceptance of salt plants is low, which puts pressure on the nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables may be under pressure due to the weak cobalt sulphate prices.

On the high-grade nickel matte market side, supply side, the available volume in the market is tight, and sellers' offers are firm. Demand side, currently the cost-effectiveness of using high-grade nickel matte for enterprises that purchase raw materials externally is stronger than using MHP. Under tight supply-demand conditions, nickel payables are currently supported at a high level. Looking ahead, under the expectation of MHP supply tightening, the supplementary role of high-grade nickel matte as an alternative raw material becomes prominent, and nickel payables are unlikely to decline.

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