SHANGHAI, Nov 22 (SMM) – Indonesia government has approved more than 20 million tons of nickel ore export quota so far, most of which are selling normally to China.
The following chart shows the supply and demand of medium and high-grade nickel ore in China, based on SMM’s research on oversea nickel mining companies, traders and NPI plants in China.
SMM forecasts that medium and high-grade nickel ore will keep over-supply in Q4 2017. The situation will last in Q1 2018, and the oversupply is expected to reach 2.09 million wet tons. NPI plants in China can only accept the CIF price at USD 43 / wet tons for Ni 1.65%, while traders’ quote is about USD 44 / wet tons, and these CIF prices are USD 3 / wet tons less than early November. SMM estimates that the price of nickel ore will keep weak.
(For more information, please go to SMM Analyst Wang Cong, Tel：021-5166 6828，Wechat：c2291623)