[SMM Nickel Intermediate Product Daily Review] MHP and high-grade nickel matte nickel prices fell on September 2

As of now, the FOB price of Indonesian MHP nickel is $14,870/mt Ni, and the FOB price of Indonesian MHP cobalt is $35,051/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) is 83-84, and the MHP cobalt element payable indicator (against SMM refined cobalt, Rotterdam warehouse) is 70. The FOB price of Indonesian high-grade nickel matte is $15,498/mt Ni.

In the MHP market, supply side, as sulphur has arrived at ports in concentrated volumes, some projects have resumed production schedules, and overall market availability has recovered. Demand side, current nickel sulphate and cobalt prices are both relatively weak, and salt plants have low price acceptance, putting pressure on nickel and cobalt payables. Looking ahead, MHP nickel and cobalt payables are expected to remain under pressure due to weak cobalt sulphate prices.

In the high-grade nickel matte market, supply side, due to the clear economic advantage of NPI, the available volume of high-grade nickel matte in the market is tight, and sellers are firm in their quotes. Demand side, enterprises purchasing raw materials externally currently find high-grade nickel matte more economical than 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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