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Nickel Ore Prices Continued to Rise, Shipping Rates Unlikely to Fall from Highs

iconAug 3, 2021 15:11
Source:SMM
SMM prices of Ni1.5% ore averaged $81.5/wmt on a cif basis on July 30, up $2.5/wmt from a week earlier.

SHANGHAI, Aug 3 (SMM) - SMM prices of Ni1.5% ore averaged $81.5/wmt on a cif basis on July 30, up $2.5/wmt from a week earlier. Trades remained subdued with a great spread between offers and traded prices.

The high-end of quotes for Ni1.4% ore stood at $80/wmt on a cif basis, and quotes for Ni1.5% ore stood at  $90/wmt. The accepted level by mainstream NPI plants currently remain at $82-83/wmt on a cif basis for Ni 1.5% ore.

However, some NPI plants accepted higher prices to restock cargoes. The acceptance is likely to weaken as NPI prices peak. Nickel ore prices amid the rush to restock are expected to erode into NPI profits further. Prices of Philippine Ni1.5% ore are expected to hover between $82-86/wmt on a cif basis this week.

Shipping rates from the Philippines to China on July 30 stood at $21.75-22.05/wmt (the Philippines to southern Chinese ports-the Philippines to northern Chinese ports), flat from a week earlier. Crude oil prices could hardly fall. The Philippines has stepped up anti-pandemic policy at customs due to the COVID-19 pandemic.

This, coupled with the impact of the typhoon on nickel ore shipping, will keep shipping rates from falling from high levels. Shipping rates are likely to rise further. As the weather improves, shipping rates could hardly advance but any sharp declines are unlikely to occur either. 

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