As of now, the FOB price of Indonesian MHP nickel was $15,754/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,795/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89-90, and MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $15,716/mt Ni.
MHP market: Supply side, spot cargo circulation was limited, with some sellers suspending quotations. In addition, as the recent adjustment of Indonesia's HPM may push up HPAL costs, some producers' nickel payables edged up slightly. Demand side, with the export installation rush concluded and China's ternary market in the off-season overall, nickel sulphate procurement demand was generally weak. Looking ahead, upstream cost support and downstream demand weakness coexist. MHP nickel and cobalt payables are expected to remain largely stable overall, with upside room subject to nickel prices.
High-grade nickel matte market: Supply side, available volumes in the market were tight, and sellers' offers remained firm. Demand side, for enterprises that purchase externally for raw materials, using high-grade nickel matte currently offers better economics compared to using MHP. Under tight supply-demand conditions, nickel payables are supported at current high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is becoming more prominent, making it difficult for nickel payables to decline.
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