SHANGHAI, Jul. 7 (SMM) – Some Philippine suppliers of medium and high-grade nickel ore plan to stop selling goods due to sluggish prices, Shanghai Metals Market learns.
Nickel Asia, the Philippines' largest producer and exporter of lateritic nickel ore, said it would suspend selling medium and high-grade ore in July due to significant falls in ferronickel prices. Other mines in the country also mulled over production or supply cuts.
This, however, is not expected to help support ore prices, SMM says, considering the loss across the NPI sector.
FOB prices for Ni 1.5% ore may slip from $29 to $25-27 per wet tonne, SMM expects.
Last week, most ore suppliers watched from the sidelines, with offers firm.
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