Nickel Ore Prices Move Rangebound amid the Game between Buyers and Sellers

SHANGHAI, Feb 27 (SMM) - Nickel ore prices remained rangebound last week amid the game between buyers and sellers. Last Friday, the average price of Ni 1.5% ore was $72/wmt on a CIF basis, flat from the previous Friday. Nickel ore supply remains low due to the rainy season in the Philippines. The mines also held their prices firm, pushing up the costs of nickel ore arriving at ports. On the demand side, traded price of NPI kept falling, dragging down the NPI plants' profit margins, and the NPI factories could not accept high nickel ore prices in fear of further losses. In the mid and long term, it is expected that the prices of nickel ore may fall due to the impact of downstream demand. The mines' quotes will bear great pressure from the losses of stainless steel mills and NPI plants. In the short term, the CIF prices of 1.5% nickel ore will be maintained at the current level.