According to SMM data, on July 17, the FOB price of Indonesia MHP nickel rose $146/mt Ni from the previous day, and the FOB price of Indonesia MHP cobalt rose $0/mt Co. The FOB price of Indonesia high-grade nickel matte rose $149/mt Ni.

[SMM Nickel Express] This week, the average discount of high-grade NPI over refined nickel widened slightly. Although the discount has widened, the current price spread has not yet reached the level needed to cover the conversion of NPI to high-grade nickel matte, and it does not provide the economic incentive to drive large-scale switching of smelting lines to produce high-grade nickel matte.

Weak Downstream Demand, Intermediate Product Payables Under Pressure

SMM 10-12% high-grade NPI average price dropped WoW by 3.1 yuan/nickel unit to 1,129.4 yuan/nickel unit (ex-factory, tax included), and the average Indonesian NPI FOB index price dropped WoW by $0.47/nickel unit to record $145.76/nickel unit.

According to SMM data, on July 16, the FOB price of Indonesian MHP nickel rose by $64/mt Ni from the previous day, the FOB price of Indonesian MHP cobalt rose by $19/mt Co, and the FOB price of Indonesian high-grade nickel matte rose by $65/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,987/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,188/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) are 82.5-83.5, and MHP cobalt payables (against SMM refined cobalt (Rotterdam warehouse)) are 94. The FOB price of Indonesian high-grade nickel matte is $15,278/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,923/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,169/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 82.5-84, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,213/mt Ni.

As of now, the FOB price of Indonesian MHP nickel is $14,844/mt Ni, and the FOB price of Indonesian MHP cobalt is $50,109/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) are 82-83, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 94. The FOB price of Indonesian high-grade nickel matte is $15,069/mt Ni.

According to SMM data, on July 13, the FOB price of Indonesian MHP nickel fell $23/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt rose $60/mt Co. The FOB price of Indonesian high-grade nickel matte rose $53/mt Ni.

The SMM 10-12% high-grade NPI average price fell WoW by 1.2 yuan/nickel unit to 1,132.5 yuan/nickel unit (ex-factory, tax included), and the Indonesian NPI FOB index average price dropped WoW by $0.46/nickel unit to $146.23/nickel unit. Spot high-grade NPI remained on a downward trajectory this week, with the tug-of-war between longs and shorts intensifying further. Transactions stayed sluggish all week, and price divergences between upstream and downstream widened gradually.