This week, MHP market activity was low. Supply side, spot market circulation was insufficient, with some seller offers but limited tradable volume. Demand side, due to weakened raw material demand from downstream sectors and MHP prices fluctuating at highs, refined nickel and nickel salt plants had low purchase willingness. Under the dual impact of tight supply-demand and DRC policies, nickel payables and cobalt payables remained at last week's levels.
High-grade nickel matte market circulation was insufficient, with few transactions. Under current low production conditions, enterprises prioritized internal use, resulting in limited available external sales volume. High-grade nickel matte nickel payables held steady at high levels.
Key auxiliary material sulfur, sulfur prices continued to rise. Qatar's tender results are expected to be announced this week, potentially providing a new LME benchmark for the market. The market digested recent gains, and prices are expected to stabilize rather than decline.
Nickel prices side, "hawkish" monetary policy expectations boosted the US dollar, combined with high market inventory pressure, LME nickel prices decreased WoW this week. Considering payables, nickel prices for MHP and high-grade nickel matte both declined WoW, while MHP cobalt prices maintained an upward trend.
