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disruptions in Indonesia drive short-term gains for MHP payables","supply-disruptions-in-indonesia-drive-short-term-gains-for-mhp-payables","article/supply-disruptions-in-indonesia-drive-short-term-gains-for-mhp-payables",{"_uid":557,"date":558,"tags":559,"editor":568,"content":578,"excerpt":743,"featured":50,"reporter":744,"_editable":748,"component":749,"seo_title":750,"categories":751,"visibility":759,"author_company":49,"data_vis_image":760,"featured_image":763,"seo_description":766,"author_full_name":49,"author_job_title":49,"formattedDate":767,"formattedArticleDate":768},"3c2bf168-be1d-4137-b128-6ad3dfaac314","2025-04-10 00:00",[560,563,566],{"slug":561,"name":562},"analyst-insights","Analyst Insights",{"slug":564,"name":565},"indonesia","Indonesia",{"slug":567,"name":567},"prices",[569],{"slug":570,"name":571,"content":572},"didi-bostock","Didi Bostock",{"job_title":573,"image":574,"bio":576,"linkedin":577},"Editor - Energy Transition & Economics",{"filename":575},"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":579,"content":580},"doc",[581,639,644,656,669,690,697,702,707],{"type":582,"attrs":583,"content":584},"paragraph",{"textAlign":49},[585,593,606,611,620,625,634],{"text":586,"type":587,"marks":588},"Payables for ","text",[589],{"type":590,"attrs":591},"textStyle",{"color":592},"#3C3C39",{"text":594,"type":587,"marks":595},"Mixed Hydroxide Precipitate (MHP)",[596,601,604],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/benchmark-launches-nickel-industrys-first-mixed-hydroxide-precipitate-mhp-price","url",{"type":590,"attrs":602},{"color":603},"#0969D7",{"type":605},"underline",{"text":607,"type":587,"marks":608},"–the ",[609],{"type":590,"attrs":610},{"color":592},{"text":612,"type":587,"marks":613},"key nickel feedstock for lithium ion battery production",[614,617,619],{"type":597,"attrs":615},{"href":616,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/glossary/what-is-nickel",{"type":590,"attrs":618},{"color":603},{"type":605},{"text":621,"type":587,"marks":622},"–rose 3.7% (to a range of 83-85%) between 26 March and 9 April, according to the ",[623],{"type":590,"attrs":624},{"color":592},{"text":626,"type":587,"marks":627},"Benchmark Nickel Price Assessment",[628,631,633],{"type":597,"attrs":629},{"href":630,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/nickel/prices",{"type":590,"attrs":632},{"color":603},{"type":605},{"text":635,"type":587,"marks":636},", in response to nickel's declines on the London Metal Exchange (LME) and restocking activity following recent flooding in Indonesia.",[637],{"type":590,"attrs":638},{"color":592},{"type":582,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":587},"Notably, heavy rains in Indonesia impacted MHP production at the Morowali Industrial Park, the largest nickel mining and refining complex in the country, affecting roughly a week’s worth of output. These developments helped create short-term supply tightness throughout the value chain, with traders reporting low inventory levels to Benchmark during the assessment period.",{"type":645,"attrs":646},"blok",{"id":647,"body":648},"0e8361a6-3690-44dd-bafe-6ea4470d0638",[649],{"id":650,"_uid":651,"type":652,"_editable":653,"component":654,"fixed_height":655,"use_fixed_height":50,"fixed_height_mobile":655,"fixed_height_tablet":655},"22582833","i-7937e95c-eaba-4ae2-9148-b8ec65af1f8b","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7937e95c-eaba-4ae2-9148-b8ec65af1f8b\", \"id\": \"\"}-->","ContentFlourish","",{"type":582,"attrs":657,"content":658},{"textAlign":49},[659,661,667],{"text":660,"type":587},"In conjunction, news that the ",{"text":662,"type":587,"marks":663},"Indonesian government is considering raising the royalty rates for miners from a flat 10% for nickel ore",[664],{"type":597,"attrs":665},{"href":666,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/is-indonesias-nickel-boom-at-risk-from-shifting-policy",{"text":668,"type":587},", to a variable rate of 14 – 19%—dependent on the underlying price level—is providing additional upward support for battery-targeted nickel prices.",{"type":582,"attrs":670,"content":671},{"textAlign":49},[672,677,685],{"text":673,"type":587,"marks":674},"Meanwhile, short term market sentiment is being buoyed by expectations of upcoming restocking activity from ",[675],{"type":590,"attrs":676},{"color":592},{"text":678,"type":587,"marks":679},"Chinese nickel sulphate producers",[680,682,684],{"type":597,"attrs":681},{"href":616,"uuid":49,"anchor":49,"target":49,"linktype":600},{"type":590,"attrs":683},{"color":603},{"type":605},{"text":686,"type":587,"marks":687}," and reduced nickel matte production in Indonesia due to cost pressures, which is anticipated to further bolster demand for MHP.",[688],{"type":590,"attrs":689},{"color":592},{"type":691,"attrs":692,"content":694},"heading",{"level":693,"textAlign":49},4,[695],{"text":696,"type":587},"How are tariff announcements impacting nickel?",{"type":582,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":587},"President Trump’s flurry of recent tariff announcements has created tumult in global markets which is weighing negatively on the base metals complex. Nickel prices on the LME fell to a five-year low in early April, as the stainless steel market—the predominant end-use sector for nickel—is negatively impacted by the prevailing global economic uncertainty. ",{"type":582,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":587},"Due to the aforementioned factors, MHP payables shifted upwards to 85% at the end of the assessment period in early April, to counteract declines in the underlying metal price.",{"type":582,"attrs":708,"content":709},{"textAlign":49},[710,715,724,729,738],{"text":711,"type":587,"marks":712},"However, downstream demand signals in the battery supply chain are bearish—which could be a negative for MHP payables medium term. Chinese nickel sulphate refiners have reported limited buying interest from ",[713],{"type":590,"attrs":714},{"color":592},{"text":716,"type":587,"marks":717},"battery precursor (pCAM) manufacturers",[718,721,723],{"type":597,"attrs":719},{"href":720,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/cathode",{"type":590,"attrs":722},{"color":603},{"type":605},{"text":725,"type":587,"marks":726},", who are demonstrating caution due to the ",[727],{"type":590,"attrs":728},{"color":592},{"text":730,"type":587,"marks":731},"recent volatility in nickel and cobalt prices",[732,735,737],{"type":597,"attrs":733},{"href":734,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/glossary/what-is-cobalt",{"type":590,"attrs":736},{"color":603},{"type":605},{"text":739,"type":587,"marks":740}," and broader macroeconomic headwinds.",[741],{"type":590,"attrs":742},{"color":592},"Payables for Mixed Hydroxide Precipitate (MHP)–the key nickel feedstock for lithium ion battery production–rose 3.7% (to a range of 83-85%) between 26 March and 9 April, according to the Benchmark Nickel Price Assessment, in response to nickel’s declines on the London Metal Exchange (LME) and restocking activity following recent flooding in Indonesia. Notably, heavy rains […]",[745],{"slug":570,"name":571,"content":746},{"job_title":573,"image":747,"bio":576,"linkedin":577},{"filename":575},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3c2bf168-be1d-4137-b128-6ad3dfaac314\", \"id\": \"\"}-->","article","Disruptions in Indonesia drive short-term gains for MHP payables",[752,754,757],{"slug":753,"name":115},"cobalt",{"slug":755,"name":756},"critical-minerals","Critical Minerals",{"slug":758,"name":149},"nickel","private",{"id":49,"alt":49,"name":655,"focus":49,"title":49,"source":49,"filename":655,"copyright":49,"fieldtype":761,"meta_data":762},"asset",{},{"id":49,"alt":655,"name":655,"focus":655,"title":655,"source":655,"filename":764,"copyright":655,"fieldtype":761,"meta_data":765,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b7427d063a/bm-nickel-indonesia-2.jpg",{"alt":655,"title":655,"source":655,"copyright":655},"Payables for Mixed Hydroxide Precipitate (MHP)–the key nickel feedstock for lithium ion battery production–rose 3.7% (to a range of 83-85%) between 26 March and 9 April, according to the Benchmark Nickel Price Assessment, in response to […]","Apr 10, 2025","10th April 2025",[],[],1792152436882]