An increasing number of companies are opting for MHP instead of the more traditional nickel metal (briquettes) and nickel matte production routes. But South Korea remains one of the only countries outside of China building MHP conversion capacity.

Despite this, there are currently only two nickel sulfate producers in South Korea that can take MHP as a primary feedstock to produce battery grade nickel sulfate.

Concerns remain with some market participants over the environmental impact of MHP.

MHP and matte are primarily produced in Indonesia, using fossil fuels as a power source, leading to a higher carbon footprint.

Fastmarkets assessed the daily nickel mixed hydroxide precipitate outright price, cif China, Japan and South Korea at $13,300-13,500 per tonne on November 17, down slightly from $13,800-14,000 per tonne the previous day.

The daily nickel mixed hydroxide precipitate payable indicator, % London Metal Exchange, cif China, Japan and South Korea was at 76-79% on November 17, stable over the week.

As part of the deal, Trafigura will supply Korea Zinc with 20,000-40,000 tonnes per year of feedstock.

“With the energy transition in progress, Korea Zinc is committed to solidifying its position as the world’s leading non-ferrous metal refiner in the field of nickel, a key battery material,” Korea Zinc chairman Yun B Choi said.

The agreement between Korea Zinc andhttps://xml.metalbulletin.com/Article/5113351/Battery-raw-materials-all/Korea-Zinc-Trafigura-eye-nickel-smelter-sulfate-refinery-joint-venture.html Trafigura comes after the two parties discussed a joint venture for a nickel smelting and sulfate refining project in November 2022.

Fastmarkets assessed the nickel sulfate, cif Japan and Korea price at $4,070 per tonne on Friday November 17. The price has been weakening over the past two months from $4,881.47 per tonne on September 8.

Keep up to date with the latest news and insights on our dedicated battery materials market page.

The post Korea Zinc-Trafigura all-in-one nickel refinery to expand East Asian MHP supply appeared first on Fastmarkets.

The growth in MHP production globally, and its growing importance as a key feedstock in the production of battery grade nickel sulfate, has resulted in increased focus on the market and pricing trends.

Indonesia is a key production hub for MHP, and therefore this price assessment should provide further clarity on price levels within the country.

This price launch is part of a further launch of FOB Indonesia nickel prices, which includes a new FOB NPI price.

The price specification for the new price will be as follows:

MB-NIO-0005 Nickel mixed hydroxide precipitate, outright price, FOB Indonesia, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: FOB main ports Indonesia
Timing: 45 days
Unit: USD per tonne, inferred basis of the CIF CJK MHP price or expressed by participants
Publication: Daily, 4pm London time

This price will be part of the Fastmarkets base metals package.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at: pricing@fastmarkets.com.

Please add the subject heading FAO: Callum Perry, re: FOB Indonesia MHP price”.

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Launch of FOB Indonesia nickel MHP price appeared first on Fastmarkets.

The initial proposal was made in response of increased liquidity reported to Fastmarkets, and to capture more price fluctuations.

The growth in mixed hydroxide precipitate (MHP) production globally, and its growing importance as a key feedstock in the production of battery grade nickel sulfate, has resulted in increased focus on the market and pricing trends.

This pricing notice is separate to the cobalt in MHP consultation, which has also concluded.

The new specifications for the MHP prices will be as follows:

MB-NIO-0003 Nickel mixed hydroxide precipitate, outright price, cif China, Japan and South Korea, $/tonne
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: USD per tonne, inferred basis of the payable range or expressed by participants
Publication: Daily, 4pm London time

MB-NIO-0004 Nickel mixed hydroxide precipitate payable indicator, % London Metal Exchange, cif China, Japan and South Korea
Quality: 30-45% nickel min/max, 1-6% cobalt min/max, 4% Zn max, 4% Cu max, 9% Mn max, 5% Mg max, 5% S max, 0.5% Fe max, moisture content 35- 40%
Quantity: Min 100 tonnes
Location: CIF major ports China, Japan and South Korea (other ports normalized)
Timing: 45 days
Unit: % payable basis LME monthly average
Publication: Daily 4pm London time

These prices are part of the Fastmarkets base metals package.

To provide feedback on this price, or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at pricing@fastmarkets.com. Please add the subject heading “FAO: Callum Perry, re MHP prices.”

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Amendment to frequency of MHP price assessment appeared first on Fastmarkets.

Indonesia is forecast to produce 1,300,000 tonnes of NPI in 2023, representing 40% of the global total nickel production.

NPI is a key feedstock material in the production of stainless steel, which represents 70% of global demand for nickel.

This price launch is part of a further launch of FOB Indonesia nickel prices, which includes a new FOB MHP price.

The price specification for the new price will be as follows:

MB-FEN-0005 Nickel pig iron, 10-14% ni content, FOB Indonesia, $/nickel unit
Quality: lump, Ni 10-14%, Fe 80%, P 0.04% max, S 0.4% max, Si 4.5% max, C 4% max
Quantity: min 500 tonnes
Location: FOB main ports Indonesia
Timing: Spot
Unit: US Dollar/nickel unit
Payment terms: Cash
Publication: Daily, 4pm London

This price will be part of the Fastmarkets steel raw materials package.

To provide feedback on this FOB Indonesia NPI price or if you would like to provide price information by becoming a data submitter to this price, please contact Callum Perry by email at: pricing@fastmarkets.com.

Please add the subject heading FAO: Callum Perry, re: FOB Indonesia NPI price”.

Please indicate if comments are confidential. Fastmarkets will consider all comments received and will make comments not marked as confidential available upon request.

To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.

The post Launch of FOB Indonesia nickel pig iron price appeared first on Fastmarkets.

NPI and MHP are key products in the nickel industry. NPI is used in the production of stainless steel and increasingly in the production of other nickel intermediates. MHP is vital in the production of intermediate components for nickel-rich cathode lithium-ion batteries, particularly nickel manganese cobalt (NMC) chemistry batteries.

Nickel produced in Indonesia represents more than half of global nickel production, a level which is forecast to rise to up to 70% of global production by 2030. Production of class 2, non-LME deliverable nickel products is growing from established production hubs, of which Indonesia is the global leader. Fastmarkets’ decision to launch these prices highlights the critical role Indonesia plays in the global metal and battery raw material supply chains.

Regional and product price divergence has been a consistent trend across nickel markets globally, creating the need for more granular price reporting. These new NPI and MHP prices FOB Indonesia will contribute to Fastmarkets’ existing suite of nickel prices, which include assessments on a delivered duty paid (ddp) China basis for NPI and on a cif China, Japan and South Korea basis for MHP.

Raju Daswani, CEO of Fastmarkets, said: “The global nickel market is undergoing a major structural transformation, propelled by the demand for electric vehicles. Fastmarkets has worked closely with industry stakeholders, including major producers, the Indonesian government and trade bodies, to facilitate the introduction of the prices we’re unveiling today. This launch represents a critical milestone in delivering the transparency that the market needs as it navigates this period of change. We remain steadfast in our commitment to providing the market with trusted prices and analysis.”

The new FOB Indonesia main ports prices will be assessed daily and published at 4pm London time. The price specifications can be found here.

The post Fastmarkets launches Indonesia prices for nickel pig iron and mixed hydroxide precipitate appeared first on Fastmarkets.

Nickel’s outlook is very much determined by China and Indonesia, with the two countries currently making up 70% of global supply and demand of the metal, Lennon said.

The “resource boom in nickel” is predominantly taking place in Indonesia, according to Lennon, who said Indonesia accounts for 55% of current global supply and is expected to grow to over 70% in the next five years.

“Despite the fact that the trend growth rate for nickel demand this decade is 7% a year, the highest of any base metal, we still see ongoing surpluses due to the massive increase in capacity and supply in Indonesia,” Lennon said.

Lennon referred to the “massive divergence” in prices between London Metal Exchange grade nickel, nickel sulfate and nickel pig iron in 2022, saying it has “continued into 2023.”

The price gap between nickel pig iron and the LME nickel price created a “huge opportunity” for processors of nickel pig iron, Lennon said.

Fastmarkets assessed the price for nickel pig iron, high-grade NPI content 10-15%, spot, ddp China at 1,130-1,150 yuan ($155-158) per nickel unit on Friday October 13. This compares with the LME nickel cash price of $18,284.25 per tonne at the 5pm close on the same day.

These processors have built over 270,000 tonnes of nickel refining capacity to convert nickel matte into Class 1 LME grade nickel, according to Lennon, and this has created an “incredible increase in supply.”

The annualized projection for Class 1 nickel in 2023 is 100,000 tonnes higher than 2022, he also noted.

On the demand side, the “huge growth in China is enough to offset the decline elsewhere,” Lennon added.

As a result, the negative sentiment around Europe does not affect nickel as dramatically as the rest of the base metals.

Battery raw materials like nickel, cobalt and lithium have all been “under significant downward pressure, particularly cobalt, over the past couple of years… because of this we’ve seen a savage destocking cycle in the battery raw materials space,” he added.

In contrast to this is the tin market, where limited supply could constrain growth, despite its bullish forecast, panelists said during the same event.

Jeremy Pearce, market intelligence and communications at the International Tin Association, said that the long-term case for tin is strong, despite its position as the “forgotten metal.”

“Tin is an essential metal for the future and there are two main drivers of this; climate change and digitalization,” Pearce said.

Investment in tin is a long-term process, because tin supply and demand are currently struggling, according to Pearce, who said that the tin market is a small, turbulent market that can be strongly influenced by external factors.

“Supply is in a very low position and is subject to volatility and disruptions,” he added.

Both demand and supply are currently sitting in a “trough” due to the trade war, the pandemic and various macro-economic factors, Pearce said.

And while tin’s demand is gradually recovering, Pearce questioned if tin’s supply chain is “resilient” enough to keep up with the bullish forecast ahead.

Keep up to date with the latest news and insights on our dedicated battery materials market page.

The post Indonesia to account for more than 70% of global nickel supply in next five years: LME Week appeared first on Fastmarkets.

This appearance of metal was part of a broader increase in material in the LME system with total open tonnage increasing by 14% from August to September.

Of this 14% increase, Australia- and Russia-origin material remains dominant, despite the appearance of material from China.

Australia-produced material is the dominant origin on the exchange, accounting for 56% of material, meanwhile Russia-origin stock represents 23%.

There were significant increases in the amount of Russian material on the exchange from August to September though, with the total amount of Russian material increasing by 32% month on month.

Recent inflows of material onto the exchange have largely been the result of softer demand for nickel metal within the physical market, with the International Nickel Study Group forecasting that global stainless-steel production will be down close to 1% globally in 2023.

This weaker demand has also led to lower prices, a trend that is reflected across the base metals, similarly prompting inflows of material into the LME system.

But the rapid increase in the presence of Russian units for nickel does buck the overall trend for base metals which saw the percentage share of Russian material decline in September.

The official nickel cash price monthly average was down by 4% month on month in September at $19,621 per tonne.

Nickel prices continue to decline though, with the nickel cash official price most recently closing at $18,330 per tonne on October 13, down by 1% since the beginning of the month.

This time of weaker physical demand and lower prices has also been met with significant capacity announcements for the production of nickel metal from Chinese nickel producers, using class 2 nickel products such as nickel pig iron (NPI) and matte as feedstocks.

These new capacity announcements had previously raised concerns among some market participants, due to fears that the material could rapidly appear on the exchange and push overall prices lower.

In an effort to increase liquidity on the exchange, the LME announced a fast track listing approach for new brands of nickel in March, with the exchange since approving the deliverability of Huayou Cobalts cathode brand ‘HUAYOU’ in July and is currently reviewing the deliverability of fellow Chinese producer GEM.

There are currently two deliverable brands of nickel produced in China, both for full plate cathode.

“The recent deliveries of Chinese metal into warehouses are significant as it potentially signals a wider upcoming trend,” a trader told Fastmarkets on the sidelines of LME Week in London last week.

Others though were less concerned.

“Chinese material makes up a very small percentage today, for us the bigger concern is the increased amount of Russian material on the exchange,” a consumer noted.

Chinese produced metal made up around 3% of the total material on the system for September.

Keep up to date with the latest news and insights on our dedicated battery materials market page.

The post Share of Russian, Chinese nickel in LME warehouses grows amid weaker demand appeared first on Fastmarkets.

“In general, there is a very strong alignment, and where there isn’t, our team digs into exactly why – and generally, it’s because there’s been a difference between where the contract traded during the majority of the pricing window and where it traded at the end,” he told Fastmarkets in a recent interview.

“I’m not suggesting one price is right or wrong, but even when there are differences, you can very clearly explain them,” he added.

The changes will start from January 2024 and affect the LME copper, aluminium, nickel, zinc and lead contracts. The move follows an industry consultation and will see the LME amend its VWAP methodology to include cash, three-month and the first four third-Wednesday monthly contracts in all its base metals contracts except for tin.

The aluminium and lead contracts will be the first to adopt the methodology change with effect from January 22. This will be followed by the copper, zinc and nickel contracts on March 18.

The exchange is phasing the implementation to ensure participants have adequate time to prepare for the changes, Chamberlain said. The LME has also made several modifications to its plans, particularly around timing, to give the market more time to prepare for the changes, Chamberlain noted.

“A lot of people came to us and said, we need time to build some algorithms to help us trade the closing price, or to get our teams used to it, to do a parallel run internally,” he added.

While it marks a significant change from the current pricing methodology, copper and aluminium will eventually have just seven out of a total 123 dates calculated by the expanded VWAP and the remaining 116 dates by the current “last price” and expert judgement methodology, Chamberlain told Fastmarkets.

VWAP journey

He said the exchange’s “evolutionary journey” with VWAP had required several behavioral changes from its members. It had also, he acknowledged, led to concerns the LME was moving too far down the electronic path or that its members wouldn’t be in a position to guarantee prices.

That journey began in 2019, when the LME began a trial in which the three-month nickel closing price was determined exclusively by reference to an LMEselect pricing window via the VWAP function. Following the trial, the close prices returned to the ring, and the LME extended a consultation period about the use of electronic close prices.

During the Covid-19 pandemic, the LME ring suspended trading and moved to fully electronic pricing. When the ring reopened in September 2021, closing prices continued to be determined electronically, and only official prices returned to ring trading.

“This extension of VWAP is a significant change, but I’m confident about it. I speak to a lot of clients and members who say that they’re confident as well, although you never want to blasé about these things,” Chamberlain said.

“We heard lots of views in VWAP consultation, and on balance, they were orientated toward change,” he added.

Chamberlain noted that calls to expand the closing price methodology came primarily from the financial market sector who prioritize the closing prices. At the same time, the consultation highlighted that the physical community did not want to lose the open outcry trading ring for the lunchtime official prices, he said.

Off-warrant stock

The LME is gearing to release the results of consultations launched earlier this year to provide greater visibility of the build-up of warrantable material in its warehouses, Chamberlain said.

In February 2022, the LME introduced off-warrant stock reporting to increase transparency.

It is now proposing to extend these requirements to include all unwarranted metal in LME-licensed warehouses that could be warranted in the future.

It is also proposing to make permanent a backwardation limit on tomorrow/next contracts and a delivery deferral mechanism. These were implemented last year to help mitigate the potential effects of low-stock environments and enhance the LME Group’s deferral powers, the exchange said at the time.

“What I can say, without giving too much away from the consultation, is that there is a genuine desire to have more transparency in the LME market, and so I think the consultation has been very well received,” Chamberlain told Fastmarkets.

The consultation will address questions raised around practicalities, including exactly how the rules would work, and around complexity, such as how warehouses would administer the new requirements, he said.

In Hotter Commodities, special correspondent Andrea Hotter covers some of the biggest stories impacting the natural resources sector. Sign up today to receive Andrea’s content as it is published.

The post LME trialing VWAP expansion ahead of January launch, CEO says: LME Week | Hotter Commodities appeared first on Fastmarkets.

“We considered whether we could add Class 2 delivery shapes or forms, such as nickel matte, nickel pig iron, or nickel sulfate – obviously with an adjustment mechanism. The LME didn’t rule that out – [but] the industry ruled it out for us very, very quickly,” Chamberlain told Fastmarkets.

Currently, the LME nickel contract allows for deliveries of approved brands in the shape of full-plate and cut cathodes, pellets, briquettes and rounds.

“The industry was very clear that it wants the LME to be the Class 1 price, and that our first order of business is to effectively get back to our Class 1 roots, which means our volumes are going to have to move accordingly,” he said.

Volumes in nickel dropped 28% last year after confidence in the nickel contract was eroded following the unprecedented volatility in March 2022, which led the LME to temporarily suspend the contract and cancel trades.

This year, however, volumes have been trending upward, with three-month nickel average daily volumes on LMEselect up 57% since January and reaching their highest level since March 2022 in September. Open interest has, meanwhile, increased by more than 22% since January, LME data shows.

At the same time, the correlation between LME Class 1 and Class 2 prices has moved close to alignment after dislocating in March last year. According to Chamberlain, a key difference now is that instead of trading at parity before March 2022, Class 2 prices are trading at a discount to the Class 1 contract.

He attributed this to the move by Chinese producers to invest in technology to turn Class 2 products into Class 1 deliverable products, which has provided a degree of alignment.

Class 2 contract

The LME also looked at launching a new Class 2 contract, Chamberlain said.

“We have said that if the market wants us to have a go at launching a Class 2 contract, we’ll do that and we looked at all kinds of approaches. But there just wasn’t a lot of interest,” he told Fastmarkets.

“Given the focus on Class 2 production in Asia, the solution we came up with was creating a China-based spot market offering for nickel sulfate and nickel matte with the Qianhai Mercantile Exchange (QME),” Chamberlain added.

This is yet to materialize; however, and Chamberlain acknowledges that the complexities of the supply chain, differing views on quality and challenges over delivery due to degradation were some of the factors making it “really hard” to create the right contract.

“It’s not for want of trying that the QME hasn’t launched something. But we’ve collectively done an awful lot of market engagement in China and it’s just very, very difficult,” he said.

Market participants in the Class 2 nickel market have expressed a growing interest in the need for hedging alternatives.

Fastmarkets calculated the price for nickel sulfate, cif Japan and Korea at $4,502 per tonne on September 29, with the nickel sulfate premium, cif Japan and Korea assessed at $1,400 per tonne on the same day.

Fastmarkets’ price assessment for nickel sulfate, min 21%, max 22.5%; cobalt 10ppm max, exw China, meanwhile, was 31,000-32,000 yuan ($5,298-5,444) per tonne on September 29, down from 31,500-32,000 yuan per tonne on September 22.

Coarse powder

The LME is also looking at the possibility of adding coarse nickel powder, a Class 1 product, for delivery against the existing contract.

While preliminary discussions with the industry have left the exchange undecided on whether or not to proceed, Chamberlain said considerations include whether the product is viable for stainless steel consumers, how it could be appropriately packaged, and what the storage implications would be for warehouse companies.

“We haven’t ruled out coarse nickel power – there is ongoing work at the moment, inspired by the engagement the whole industry’s been having, focused on whether there are better packaging solutions for coarse powder, could we have reinforced bags, and so on,” Chamberlain said.

“So, the discussion has gone from being a very technical one about fixing LME market liquidity to a much bigger discussion in the nickel industry about the role of powder,” he added.

In Hotter Commodities, special correspondent Andrea Hotter covers some of the biggest stories impacting the natural resources sector. Sign up today to receive Andrea’s content as it is published.

The post Nickel industry rules out Class 2 products for LME contract delivery, CEO says: LME Week | Hotter Commodities appeared first on Fastmarkets.

“I in no way want to understate the significance of what happened in nickel last year or [its] continuing effects,” CEO Matthew Chamberlain said in a recent interview with Fastmarkets.

“But our number one priority has been to restore stability and confidence to the Class 1 contract,” he added.

According to Chamberlain, two key things were done before the LME resumed trading in the nickel contract after its temporary halt in March 2022: the imposition of daily price limits; and new position reporting measures for the over-the-counter (OTC) market.

Subsequent recommendations made in an independent report produced by the Oliver Whyman management consultancy led the exchange to make the OTC reporting permanent and to adopt a full-calibration approach for price limits.

“I’m not trying to understate the impact these and other measures have had, but I don’t talk to people now who say that they have a problem with the use of the LME for Class 1. But there’s still a lot more to do,” Chamberlain said.

An additional step by the LME has been to adopt a fast-track listing approach and a fee waiver for new LME nickel brands, which has in turn led to a number of new listings by Chinese producers.

“That has just proved so impactful,” Chamberlain told Fastmarkets. “There’s more supply coming into the market and we’ve not only got brand listings, but we’re now seeing the material actually being warranted. But, more importantly, it’s about the message that the new brands send to the market: that it isn’t dangerously under-supplied and could blow up any moment due to a lack of stock

“From a Class 1 perspective, I actually feel as good as I could right now, in terms of where we stand. That’s not to say that people might be looking at alternative pricing mechanisms, [that] they may have issues with the way the LME works, or they may not think there’s enough liquidity so they’re doing more OTC, which actually is a common theme that we hear,” he said.

“However, in general, I feel much more confident than I have for the past 18 months in saying that the LME is really fully there for the Class 1 market – to be what it needs to be. I’m not saying everyone’s going to agree with that, but I feel I can credibly defend our position now,” he added.

In recent weeks, Chinese nickel raw material buyers have been shifting back to a pricing mechanism based on the LME nickel contract, market participants said.

Margin calls

There have also been calls on the LME to reduce the level of initial and concentration margins to allow market participants to increase the size of their positions relative to the cost.

This has been happening, but the cost is still considered prohibitive by some.

Data from the LME’s clearing house shows that in April 2022, the initial margin was $6,194 per tonne and in September it was $4,509 per tonne.

“One of the things you have to have as an exchange – and particularly as a clearing house – is a long memory, because in March 2022, people were not coming to us saying, ‘Why are your margin levels for nickel so high?’. People were instead saying, ‘Why weren’t you holding more margin?’,” Chamberlain said.

“Obviously, times change, but we have to look back to March 2022 and our overriding commitment [then] was about the stability of our market, not about growing volumes. That is why our margin levels are higher than when they were [before the] nickel incident – although they have absolutely come down since.

“I don’t pretend that the margins are low by any means, but there is a commitment to reducing them. We are being as commercial as possible, while acknowledging that, ultimately, we’re responsible for the stability of the market,” he added.

OTC market

The LME has for many years been asking its members for greater oversight of the OTC market, where trades take place directly between two parties without the supervision of the exchange.

Last year, a vast short position was built by several banks on behalf of Chinese nickel and stainless producer Tsingshan Holding Group, contributing to the wild swings seen in LME prices in March 2022.

Following the nickel saga last year, the LME has adopted measures to increase transparency in the OTC market, including the recent launch of an automated portal for weekly reporting, Chamberlain said.

“Obviously, the reporting is never going to be as comprehensive as if it had a regulatory mandate behind it. But I feel good that we have a much better view and, importantly, a view that, if you play back the events of last year, we would have had a much clearer view of the OTC nickel market situation,” he said.

At the same time, he said the LME has received complaints that the OTC booking fee is lower than the on-exchange booking fee.

“People trading on-exchange argue that they are not only adding liquidity and visibility to the LME, but are also being charged for the privilege, whereas someone trading on the OTC market is not being charged as much,” Chamberlain told Fastmarkets.

“So, of course, that’s something that we look at, and we need to see if we want to address that. But, given our set of rules, it’s going to be more through economic incentives, than necessarily [through] regulation,” he added.

In Hotter Commodities, special correspondent Andrea Hotter covers some of the biggest stories impacting the natural resources sector. Sign up today to receive Andrea’s content as it is published.

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