1.5% of medium-grade nickel ore prices to decline in December

SHANGHAI, Dec 15 (SMM)—Prices of medium-grade nickel ore remained at $75/wmt in November. Shipments from the Philippines, sold over the previous periods, declined sharply amid the rainly season and cargoes in the spot market thinned.

The FOB prices in January next year has not yet reached an agreement. Domestic ferronickel plants demand lower ore prices amid the losses. The 1.5% bidding prices cif was quoted to $52/wmt by Qingshan, down $23/wmt from the previous mainstream traded prices. Mine were reluctant to accept the price decline. Discussion on FOB was at a deadlock.

Some mines in the northern Philippines indicated that they would suspend shipments if prices declined sharply. All mine ships in new caledonia in 2020 have been sold, and the ore prices in Q1 has not yet been determined. However, ferronickel prices are difficult to rise and the cost was high. However, it is still difficult to determine whether an agreement can be reached in December. Prices are expected to decline in December or January.

For more detailed information on the China nickel sector, please subscribe to China Nickel Monthly.