[SMM Daily Review of Nickel Intermediate Products] August 28: MHP and High-Grade Nickel Matte Nickel Prices Rise

Published: Aug 28, 2026 15:31

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As of now, the FOB price of Indonesian MHP nickel is $14,994/mt Ni, and the FOB price of Indonesian MHP cobalt is $37,536/mt Co. MHP payables (vs. the SMM battery-grade nickel sulphate index) were 84-85, and the payable indicator for MHP cobalt element (vs. SMM refined cobalt (Rotterdam warehouse)) was 73. The FOB price of Indonesian high-grade nickel matte is $15,628/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,994/mt in metal content, and the FOB price of Indonesian MHP cobalt is $37,536/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 84-85, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) is 73. The FOB price of Indonesian high-grade nickel matte is $15,628/mt in metal content.

Regarding the MHP market, supply side, as sulphur has arrived in a concentrated manner, production schedules at some projects have resumed to some extent, and overall volumes available for external sales have recovered. Demand side, current nickel sulphate and cobalt sulphate prices are both relatively weak, salt plants show low price acceptance, putting nickel and cobalt payables under pressure. Looking ahead, nickel and cobalt payables for MHP may be under pressure due to weak cobalt sulphate prices.

Regarding the high-grade nickel matte market, supply side, as NPI’s cost advantage is evident, available high-grade nickel matte in the market is tight, and sellers’ offers are firm. Demand side, for enterprises purchasing externally sourced raw materials, using high-grade nickel matte is currently more economical than using MHP. With tight supply and demand, nickel payables are currently supported at high levels. Looking ahead, high-grade nickel matte supply is relatively tight, and nickel payables are unlikely to decline.

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