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Home / Metal News / Cheaper sea freight lowers nickel ore weekly offers

Cheaper sea freight lowers nickel ore weekly offers

iconNov 13, 2018 17:38
Source:SMM
On Nov 13, north Chinese plants received offers for high-grade nickel ore with 1.8% Ni at $56/wmt

SHANGHAI, Nov 13 (SMM) – Lower costs from sea freight reduced the weekly offers of high- and medium-grade nickel ore as of Tuesday November 13.

On November 13, north Chinese plants received offers for high-grade nickel ore with 1.8% Ni at $56/wmt, and offers for medium-grade ore with 1.65% Ni at $46/wmt, both down some $1/wmt from a week ago. 

Purchasing enthusiasm cooled across domestic nickel pig iron (NPI) plants as prices of futures fell. Some mills set their target prices at $54/wmt for high-grade nickel ore with 1.8% Ni. Currently, no transaction was heard at that price, SMM learned. 

In domestic NPI market, purchasing prices of high-grade NPI stood at 1,020 yuan/mtu ex-works with tax included this week. The transaction was made by a trader, with purchasing volume of 2,000 mt, SMM learned. 

While prices of futures dipped, short supplies of spot products buoyed the purchasing price 72 yuan/mtu higher from prices of refined nickel on November 13. 

Market commentary
Nickel ore
NPI
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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