SMM published its September 11 nickel raw-materials weekly with sulphur prices CIF Indonesia at 1,000 to 1,050 dollars per metric ton.
The weekly average fell 25 dollars from 1,050 dollars the prior week, the first measurable softening in the Indonesian import band after months of high-level stalemate.
SMM described the market as showing a pattern of high-level stalemate and gradual decline rather than a sharp break.
The tug-of-war between sellers and buyers in the Indonesian market continued, with mixed hydroxide precipitate smelters facing procurement-cost pressure.
SMM said MHP smelters generally resisted high prices and that transaction centers leaned toward the lower end of the 1,000 to 1,050 dollar range.
On the supply side, some producers resumed MHP output after Q3 sulphur replenishment while traders released inventory, lifting intermediate availability.
Nickel and cobalt payables on MHP stayed weak as downstream nickel salt and cobalt salt prices remained soft, particularly with cobalt sulphate production facing heavy losses.
High-grade nickel matte held a cost advantage over MHP but spot cargo was limited after mainstream suppliers completed long-term order signing.
Nickel prices consolidated lower on macro pressure and weak demand expectations, keeping the broader intermediate-product complex under near-term pressure.
For North American recovered sulfur, Indonesian CIF softening is a Pacific demand signal rather than a price quote on Alberta tonnes.
New-energy nickel demand has been one of the marginal demand pillars supporting global sulfur balances in 2026, alongside phosphate and metals.
A buyer base that resists offers above 1,050 dollars CIF still needs sulphur, but it will not chase the offer band higher without spot confirmation.
QatarEnergy's September contract at 880 dollars FOB and theoretical CFR southern China above 1,070 dollars remain the seaborne reference for Pacific netback math on Vancouver stem cargoes.
Desk read: September 12 marks the first visible give in the Indonesian CIF band. Alberta inventory draws and Vancouver export strength depend on whether Pacific new-energy demand re-accelerates or continues to negotiate lower.