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ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[337,338,340,343,346,349,352,355,358,361,364,367],{"date":329,"value":331},{"date":339,"value":332},"2025-02-28",{"date":341,"value":342},"2025-01-31",71.45,{"date":344,"value":345},"2024-12-31",75.74,{"date":347,"value":348},"2024-11-29",76.98,{"date":350,"value":351},"2024-10-31",77.34,{"date":353,"value":354},"2024-09-30",77.43,{"date":356,"value":357},"2024-08-30",80.56,{"date":359,"value":360},"2024-07-31",82.99,{"date":362,"value":363},"2024-06-28",87.2,{"date":365,"value":366},"2024-05-31",90.7,{"date":368,"value":369},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":372,"updateFrequency":6,"updateFrequencyText":7,"label":373,"today":374,"last":375,"percentageChange":376,"yearToDate":377,"yearOnYear":378,"oneYearIndexTrend":379,"url":411,"subscription":49,"isProtected":50,"hasAccess":51},"2026-05-21","Black 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High-Nickel",99.44,96.91,2.61,2.37,-3.84,[489,490,491,493,495,497,499,501,503,505,506,508],{"date":213,"value":483},{"date":216,"value":484},{"date":219,"value":492},97.09,{"date":222,"value":494},94.93,{"date":225,"value":496},97.13,{"date":467,"value":498},97.89,{"date":329,"value":500},101.4,{"date":339,"value":502},93.25,{"date":341,"value":504},98.94,{"date":344,"value":496},{"date":347,"value":507},98.69,{"date":350,"value":509},101.87,{"publishedDate":213,"updateFrequency":188,"updateFrequencyText":188,"label":511,"today":512,"last":513,"percentageChange":514,"yearToDate":515,"yearOnYear":516,"oneYearIndexTrend":517,"url":370,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":754,"relatedVideos":755},112398927835815,"df46a979-2900-4413-b22f-156697f65198","Nickel intermediate tightness to underpin elevated MHP payables into Q4","nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4","article/nickel-intermediate-tightness-to-underpin-elevated-mhp-payables-into-q4",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":732,"featured":50,"reporter":733,"_editable":737,"component":738,"seo_title":543,"categories":739,"visibility":747,"author_company":49,"featured_image":748,"seo_description":732,"author_full_name":49,"author_job_title":49,"formattedDate":752,"formattedArticleDate":753},"da02b754-ec6b-4b67-b99d-bd192678701c","2025-09-03 00:00",[550,553,556],{"slug":551,"name":552},"hpal","HPAL",{"slug":554,"name":555},"indonesia","Indonesia",{"slug":557,"name":558},"nickel-prices","Nickel prices",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,579,594,606,611,632,637,644,649,662,667,672,685,693,706,719,727],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"Payables for nickel in mixed hydroxide precipitate (MHP) have remained at elevated levels (84–86%) since April, according to the Benchmark Nickel Price Assessment. This is despite structural oversupply and macroeconomic uncertainty weighing on nickel prices more broadly.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582,584,592],{"text":583,"type":578},"Payables initially ",{"text":585,"type":578,"marks":586},"rose to a three-year high following extensive flooding at the Morowali Industrial Park",[587],{"type":588,"attrs":589},"link",{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/supply-disruptions-in-indonesia-drive-short-term-gains-for-mhp-payables","url",{"text":593,"type":578},", which caused a tailings facility at the PT QMB high pressure acid leach (HPAL) plant to collapse – resulting in the loss of several weeks worth of production.",{"type":595,"attrs":596},"blok",{"id":597,"body":598},"8f73ad61-aa21-4533-bc0b-2476924a91bd",[599],{"id":600,"_uid":601,"type":602,"_editable":603,"component":604,"fixed_height":605,"use_fixed_height":50,"fixed_height_mobile":605,"fixed_height_tablet":605},"24939172","i-4f43410f-a518-4a27-9c60-323fbe480c8e","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4f43410f-a518-4a27-9c60-323fbe480c8e\", \"id\": \"\"}-->","ContentFlourish","",{"type":573,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":578},"But high payability levels have since been sustained by coalescing supply- and demand-side factors. Most notably, Benchmark has received reports that CNGR – one of China’s leading battery material producers – has faced technical challenges with its oxygen side-blowing (OESBF) facility in Indonesia, used to process low grade saprolite ore into battery-suitable nickel matte. Market contacts report that exports of nickel matte are expected to fall in Q4, leaving buyers scrambling for MHP amid an anticipated tightening of matte supply.",{"type":573,"attrs":612,"content":613},{"textAlign":49},[614,616,622,624,630],{"text":615,"type":578},"Meanwhile, a recent rally in ",{"text":617,"type":578,"marks":618},"lithium prices ",[619],{"type":588,"attrs":620},{"href":621,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/catl-suspends-operations-at-jianxiawo-mine-as-permit-expires",{"text":623,"type":578},"has also spurred demand for MHP; downstream buyers in the battery supply chain are reported to have stepped up purchases of precursor material (pCAM) due to the prospect of ",{"text":625,"type":578,"marks":626},"higher prices in late 2025",[627],{"type":588,"attrs":628},{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/q3-lithium-preview-jiangxi-enforcement-shows-teeth-lifting-price-floor",{"text":631,"type":578},". This is against a backdrop of market expectations that cell production will increase in Q4.   ",{"type":573,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":578},"The Democratic Republic of the Congo’s (DRC) cobalt export ban, in place since late February, is also proving supportive for demand – and consequently payables – of cobalt-containing MHP, lifting the absolute price.",{"type":638,"attrs":639,"content":641},"heading",{"level":640,"textAlign":49},4,[642],{"text":643,"type":578},"How long can high-payables be sustained?",{"type":573,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":578},"Benchmark expects MHP payables to remain elevated into Q4, supported by tightening nickel intermediate supply (matte) and strengthening demand from the battery industry.",{"type":573,"attrs":650,"content":651},{"textAlign":49},[652,654,660],{"text":653,"type":578},"The ",{"text":655,"type":578,"marks":656},"Indonesian government is also reportedly preparing stricter tailings management requirements",[657],{"type":588,"attrs":658},{"href":659,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/indonesian-nickel-miners-respond-to-calls-for-enhanced-environmental-management",{"text":661,"type":578}," for HPAL facilities, as part of efforts to attract more western investment into its nickel sector. This has contributed to slower project development timelines, and Benchmark understands that none of the HPAL projects in construction are fully permitted, presenting a risk to the supply pipeline. ",{"type":573,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":578},"Nevertheless, Indonesia retains a substantial pipeline of new HPAL capacity: Benchmark projects HPAL nameplate nickel capacity to increase from 410kt Ni in 2024 to more than 1,000kt Ni by 2027. This expansion presents downside risks for MHP payables as expansions accelerate from 2026 onwards.",{"type":638,"attrs":668,"content":669},{"level":640,"textAlign":49},[670],{"text":671,"type":578},"Indonesia’s HPAL buildout continues",{"type":573,"attrs":673,"content":674},{"textAlign":49},[675,677,683],{"text":676,"type":578},"Despite oversupply leaving ",{"text":678,"type":578,"marks":679},"more than one fifth of the global nickel industry ",[680],{"type":588,"attrs":681},{"href":682,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/more-than-20-of-nickel-supply-loss-making-at-current-prices-benchmark-analysis-shows",{"text":684,"type":578},"cash negative, Indonesia’s HPAL buildout has been left relatively unscathed by the prevailing low-price environment.",{"type":595,"attrs":686},{"id":687,"body":688},"bb848a07-1b74-464a-8ac3-2e2e714fdbec",[689],{"id":690,"_uid":691,"type":602,"_editable":692,"component":604,"fixed_height":605,"use_fixed_height":50,"fixed_height_mobile":605,"fixed_height_tablet":605},"24158826","i-d7334fd5-d8f6-4250-9ad5-4dbb26541d3e","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-d7334fd5-d8f6-4250-9ad5-4dbb26541d3e\", \"id\": \"\"}-->",{"type":573,"attrs":694,"content":695},{"textAlign":49},[696,698,704],{"text":697,"type":578},"This reflects Indonesian HPALs position amongst the lowest-cost nickel producers globally, supported by integrated ore supply and industrial infrastructure, economies of scale, and cobalt by-product credits. ",{"text":699,"type":578,"marks":700},"HPAL facilities also benefit from favourable rates under recent changes to Indonesia’s royalty regime",[701],{"type":588,"attrs":702},{"href":703,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/battey-targeted-nickel-favoured-in-indonesias-royalty-hike",{"text":705,"type":578},".",{"type":573,"attrs":707,"content":708},{"textAlign":49},[709,711,717],{"text":710,"type":578},"The Benchmark Nickel Forecast projects Indonesia’s HPAL nickel capacity could reach 2Mt by 2030. This outlook is being bolstered by Danantara, Indonesia’s ",{"text":712,"type":578,"marks":713},"newly established sovereign wealth fund",[714],{"type":588,"attrs":715},{"href":716,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/indonesias-new-sovereign-wealth-fund-eyes-hpal-investment",{"text":718,"type":578},", which has a $20bn mandate to invest in a range of domestic projects, including metal processing.",{"type":595,"attrs":720},{"id":721,"body":722},"d90ff60b-156a-43ef-a66f-49b5d73ee9b4",[723],{"id":724,"_uid":725,"type":602,"_editable":726,"component":604,"fixed_height":605,"use_fixed_height":50,"fixed_height_mobile":605,"fixed_height_tablet":605},"24938826","i-b19603d4-3f03-4301-ade4-e9197406bf9d","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-b19603d4-3f03-4301-ade4-e9197406bf9d\", \"id\": \"\"}-->",{"type":573,"attrs":728,"content":729},{"textAlign":49},[730],{"text":731,"type":578},"In late August, Danantara reached a $1.42bn agreement with China’s GEM and PT Vale Indonesia to invest in an HPAL plant in Central Sulawesi province. It came shortly after a memorandum of understanding (MoU) in May with French developer Eramet to jointly explore investment opportunities in the nickel sector.","Payables for nickel in mixed hydroxide precipitate (MHP) have remained at elevated levels (84–86%) since April, according to the Benchmark Nickel Price Assessment. This is despite structural oversupply and macroeconomic uncertainty weighing on nickel prices more broadly. Payables initially rose to a three-year high following extensive flooding at the Morowali Industrial Park, which caused a […]",[734],{"slug":561,"name":562,"content":735},{"job_title":564,"image":736,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"da02b754-ec6b-4b67-b99d-bd192678701c\", \"id\": \"\"}-->","article",[740,742,745],{"slug":741,"name":115},"cobalt",{"slug":743,"name":744},"critical-minerals","Critical Minerals",{"slug":746,"name":150},"nickel","private",{"id":49,"alt":605,"name":605,"focus":605,"title":605,"source":605,"filename":749,"copyright":605,"fieldtype":750,"meta_data":751,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b7427d063a/bm-nickel-indonesia-2.jpg","asset",{"alt":605,"title":605,"source":605,"copyright":605},"Sep 03, 2025","3rd September 2025",[],[],1781107316777]