SHANGHAI, May 16 (SMM) - In April 2023, the monthly average price of Ni1.5% medium-grade laterite nickel ore was $52/wmt CIF, down from March. Nickel ore supply recovered in April compared with March, even as shipments from the Philippines were lower than expected due to bad weather. NPI prices once hit a high 1,030 yuan/mtu, suppressing demand for nickel ore. Demand from some NPI factories picked up in late April, but transactions remained thin as unsatisfactory nickel ore prices discouraged mines from selling.
With the improvement of NPI market, NPI plants will be more willing to purchase nickel ore. Mines will be reluctant to sell at lower prices. As such, nickel ore prices are likely to rebound slightly in May. SMM sees Ni1.5% nickel ore prices trading between $45-48/wmt CIF in May.
