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Indonesian nickel ore FOB quotes rise to $45-47/wmt
Sep 19,2019 10:48CST
price review forecast
Source:SMM
Transactions were done at a maximum of $45/wmt fob, up $2/wmt from a week earlier,

SHANGHAI, Sep 19 (SMM) – Most Indonesian medium- and high-grade nickel ore suppliers raised their quotes to $45-47/wmt on a fob basis this week, with some offers hitting a high of $51/wmt, SMM learned.

Transactions were done at a maximum of $45/wmt fob, up $2/wmt from a week earlier, but trades to China on a cif basis did not rise this week after substantial gains last week.

Buyers from north China purchased nickel ore with 1.8% Ni at $72-73/wmt cif last week. The trading level was up some $7/wmt, or close to 10% from the prior week.

Last week, nickel ore with 1.65% Ni was quoted at $65/wmt cif, with those for 1.8% Ni materials at $75/wmt.

Sea freight charges for nickel ore, meanwhile, also extended their gains as Indonesian miners rushed to ship nickel ore before the export ban goes into effect from January.

The costs for ocean freight from Indonesia’s Pomalaa to China’s Lianyungang rose $0.5/wmt from the previous to $17.5/wmt this week. The charges stood at $13.7/wmt in the week before Indonesia said that it will restrict nickel ore exports from 2020.

Greater iron ore shipments and the impending cleaner fuel requirements also bolstered ocean freight costs. Dry bulk shipping rates as measured by the Baltic Dry Index are near nine-year highs.  

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