【Nickel Ore Weekly Review】Indonesia's holiday is over, the undercurrent of the nickel ore market is surging?

SMM, April 19, Philippine nickel ore, this week's average price of 1.3% CIF is 30.5 US dollars / wet ton, 1.4% CIF average price is 38 US dollars / wet ton, 1.5% CIF average price is 46 US dollars / wet ton, this week the domestic price as a whole is stable. During the week, affected by the slight signs of recovery in domestic ferronickel prices, and the slight upward trend of superimposed sea freight rates, the sentiment of upstream shipments was further intensified. However, downstream smelters are still cautious and wait-and-see due to the constraints of the current ferronickel price is still in the cost inversion range. In addition, the Philippines will conduct a new round of nickel ore bidding this week, and it is expected that the results of this round of bidding will have a lasting impact on the price trend of Philippine laterite nickel ore in the Philippines next week. In terms of nickel ore in Indonesia, the week coincided with the first week after the end of Eid al-Fitr, and the overall market price was stable. Although RKAB did not clearly announce the news of the concentration of the new batch of approved quotas during the week, a small number of miners in the Indonesian market intend to sell a certain amount of nickel ore to smelters at a price below premium+10 this week, resulting in a decrease in the CIF price of Indonesian laterite nickel ore. It is expected that in the short term, Indonesia's nickel ore prices will remain stable as a whole, and the mainstream trading range will still be mainly concentrated around premium+10. In Indonesia, ferronickel in Indonesia, by the domestic ferronickel market showed signs of continuous price recovery during the week, Indonesian ferronickel also rose slightly, and some smelters said that whether they could continue this trend to a higher price still need to be cautious.