SHANGHAI, Apr. 16 (SMM) -- Nickel ore prices fell noticeably, dampening domestic traders’ buying interest. SMM sources report that trading activity was quiet at ports, and aggressive arrivals at ports were reported recently, causing port spot prices for high-grade nickel ore to fall by RMB 10-20/wmt from the previous week.
Traded prices for nickel ore (Ni 1.83%) were RMB 530/wmt at Lianyungang port, while prices for spot nickel ore (Ni 2.0%) offered by some pessimistic traders were between RMB 650-660/wmt. Deals of nickel ore (Ni 1.9-2.0%) were also concluded at RMB 630/wmt at Lianyungang port.
Prices for medium-grade nickel ore moved around RMB 400/wmt given high sea freight charges. Sea freight charges from Indonesia to Tianjin are quoted at USD 23-24/wmt currently, and many traders stop or postpone the import plan of medium-grade nickel ore in the face of lower port spot prices.
Low-grade nickel ore production at some mines in the Philippines is still affected by the rainy season, helping support domestic port prices for low-grade nickel ore. Mainstream traded prices for nickel ore (Fe 49%) were between RMB 380-400/wmt.