May high-grade NPI prices fell despite tighter costs, as nickel futures retreated, stainless margins weakened, and scrap regained its cost advantage. Indonesian policy and production-cut expectations built a floor, but weak downstream demand capped any rebound.

Downstream Rigid Procurement Demand Persisted, MHP and High-Grade Nickel Matte Payable Indicators Fluctuated at Highs This Week

According to SMM data, on May 29, the FOB price of Indonesian MHP nickel rose by $37/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt rose by $40/mt Co. The FOB price of Indonesian high-grade nickel matte rose by $46/mt Ni.

According to SMM data, on May 28, the FOB price of Indonesian MHP nickel rose by $145/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose by $0/mt Co. The FOB price of Indonesian high-grade nickel matte rose by $36/mt Ni.

According to SMM data, on May 27, the FOB price of Indonesian MHP nickel fell by $45/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose by $40/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $56/mt Ni.

According to SMM data, on May 26, the FOB price of Indonesian MHP nickel rose by $59/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt rose by $1/mt Co. The FOB price of Indonesian high-grade nickel matte rose by $72/mt Ni.