Cheaper sea freight lowers nickel ore weekly offers

Published: Nov 13, 2018 17:38

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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

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