[SMM Nickel Intermediate Product Daily Review] August 26: MHP, high-grade nickel matte nickel prices rise, cobalt prices decline

Published: Aug 26, 2026 12:42

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As of now, the FOB price of Indonesia's MHP nickel is $14,958/mt in metal content, and the FOB price of Indonesia's MHP cobalt is $37,536/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 83.5-84.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 73. The FOB price of Indonesia's high-grade nickel matte is $15,589/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,958/mt Ni, and the FOB price of Indonesian MHP cobalt is $37,536/mt Co. The MHP payables (vs SMM battery-grade nickel sulphate index) is 83.5-84.5, and the MHP cobalt payable indicator (vs SMM refined cobalt (Rotterdam warehouse)) is 73. The FOB price of Indonesian high-grade nickel matte is $15,589/mt Ni.

Regarding the MHP market, supply side, with concentrated arrivals of sulphur, some projects' production schedules have partially recovered, leading to an overall recovery in available external sales volumes. Demand side, current nickel sulphate and cobalt sulphate prices are relatively weak, with salt plants showing low price acceptance, putting pressure on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables may be under pressure due to weak cobalt sulphate prices.

Regarding the high-grade nickel matte market, supply side, due to the clear economic advantage of NPI, tradable volumes of high-grade nickel matte are tight, with sellers maintaining firm offers. Demand side, enterprises purchasing externally currently find high-grade nickel matte more economical than MHP. Under tight supply-demand conditions, nickel payables remain supported at high levels. Looking ahead, high-grade nickel matte supply will remain relatively tight, making it difficult for nickel payables to decline.

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