As of now, the FOB price of Indonesian MHP nickel was $17,629/mt Ni, and the FOB price of Indonesian MHP cobalt was $50,992/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) were 89.5-91, and MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 93. The FOB price of Indonesian high-grade nickel matte was $17,655/mt Ni.
MHP market: Supply side, spot cargo circulation was low, with some sellers suspending quotations. Additionally, as Indonesia's recent HPM adjustment may drive up wet process costs, coupled with expectations of reduced MHP supply caused by sulphur, nickel payables of some producers rose. Demand side, China's ternary market demand recovered somewhat this month, and procurement demand for nickel sulphate rebounded. Looking ahead, upstream cost support and downstream demand recovery coexist, and MHP nickel and cobalt payables are expected to operate on the stronger side overall, with upside room influenced by nickel sulphate prices.
High-grade nickel matte market: Supply side, available volumes in the market were tight, and seller quotations remained firm. Demand side, the economics of using high-grade nickel matte for enterprises that purchase externally were currently stronger than using MHP. Under tight supply and demand, nickel payables were supported at high levels. Looking ahead, with expectations of tightening MHP supply, the supplementary role of high-grade nickel matte as an alternative raw material is expected to become more prominent, making it difficult for nickel payables to decline.
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