As of now, the FOB price of Indonesian MHP nickel is $14,993/mt Ni, and the FOB price of Indonesian MHP cobalt is $35,915/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 85-86, and the MHP cobalt payable indicator (against SMM refined cobalt, Rotterdam warehouse) is 70. The FOB price of Indonesian high-grade nickel matte is $15,626/mt Ni.
MHP market: supply side, as sulphur has arrived at ports in concentrated volumes, production schedules at some projects have recovered somewhat, and overall market volumes available for external sale have recovered. Demand side, nickel sulphate and cobalt prices are both currently weak, and salt producers' price acceptance is limited, weighing on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are expected to remain under pressure due to weak cobalt sulphate prices.
High-grade nickel matte market: supply side, because NPI has a clear economic advantage, market availability of high-grade nickel matte is tight, and sellers' offers are firm. Demand side, enterprises sourcing raw materials externally currently find using high-grade nickel matte more economical than using MHP. With supply and demand tight, nickel payables are currently supported at high levels. Looking ahead, high-grade nickel matte supply is expected to remain relatively tight, and nickel payables are unlikely to move lower.
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