Philippine Offer Prices Rise Nickel Ore Prices Edge Higher
During the week, Philippine prices remained stable but are expected to fluctuate upward. Shipments of low-nickel high-iron ore for the year have ended, with no transactions in the market. For medium- and high-grade nickel ore, mines in the Zambales region of the Philippines conducted tenders for medium-grade nickel ore. This week, 1.3 grade nickel ore FOB prices rose again. Following slight increases in transaction prices for offers from the Bunguet and Erman mines, prices for 1.3% and 1.4% laterite nickel ore in the Philippines edged higher and then stabilized. Domestic traders and nickel pig iron (NPI) plants have largely completed procurement before the holiday. In terms of supply: Major mining areas in the southern Philippines remain in the rainy season, leading to off-season supply and fewer mine tenders in the Philippine nickel ore market. In terms of demand: Domestic NPI plants continue to face losses. Although the slight rebound in NPI prices has provided some profit recovery, procurement remains focused on just-in-time procurement, with restocking demand expected after the holiday. Regarding ocean freight rates, nickel ore freight rates from the Philippines to Lianyungang were $7-8/mt/, while rates to Tianjin Port were $8-9/mt/. After last week's decline due to a shift in shipment locations, freight rates remained unchanged this week. Overall, Philippine nickel ore prices are expected to fluctuate upward after the New Year holiday.
Domestic Trade of Indonesian Laterite Nickel Ore Remains Active This Week Prices Fluctuate Upward
In terms of supply: The current statistics for the approved quotas under the 2025 RKAB show a total of 2.98 billion wmt. In terms of demand: Indonesian pyrometallurgy enterprises have started procuring nickel ore for February, and local smelters in Indonesia still have some stocking demand due to inventory levels. The market continues to hold certain expectations regarding the uncertainty of Indonesian policies. For February, the HPM benchmark price in Indonesia saw a slight decline, with significant bargaining observed between upstream and downstream players. In summary, SMM expects a potential increase in premiums for February. Influenced by policy uncertainties and post-holiday restocking demand downstream, Indonesian nickel ore prices still have some room for growth. However, with quotas approved for H1, supply may become relatively ample, limiting the price increase for domestic trade ore in Indonesia. Looking ahead, nickel ore CIF prices are expected to remain stable with an upward bias in the latter half of this month. The stance of Indonesian policies and the progress of temporary quota issuance will continue to have a significant impact on global nickel resource supply and nickel prices.
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