Higher freight, nickel rally boost prices of nickel ore

SHANGHAI, Jul 17 (SMM) – Nickel ore prices received a boost from higher sea freight and the recent rally in nickel prices.

SMM learned that high-grade nickel ore with Ni 1.8% was traded at $49-50.5/wmt on a cif basis this week, up some $0.5/wmt from last week.

Shanghai nickel has climbed for eight consecutive trading days, towards the highest in a year, as of Wednesday July 17.

Sharp gains in nickel prices fuelled morale among Chinese nickel pig iron producers. Greater purchases by NPI producers spurred trades across nickel ore markets, and buoyed prices.