Nickel Ore Prices Drop in the Slack Market

SHANGHAI, Mar 27 (SMM) - Last Friday, the average price of Ni 1.5% ore dipped $1/wmt from the previous Friday to $61/wmt on a CIF basis. Output of mines in the Philippines was on the rise with the improvement in the weather conditions in the country, but the ore shipments remained low. On the demand side, NPI plants suffered losses from high costs and low NPI prices. The prices of high-grade NPI dropped further to 1,170 yuan/mtu. The plants were reluctant to pick up nickel ore in fear of a further fall in NPI prices, and they expected the mines to cut their quotes.  Short-term CIF prices of Ni 1.5% ore may fall on the sharp decline in NPI prices.