SHANGHAI, Jun 23 (SMM) — The average CIF price of 1.5% ore last Friday stood at $64/wmt, flat compared to a week earlier.
Most sellers have sold out cargoes scheduled for July as large inflows of imports after the wet season will lower prices, tightening available cargoes in the market and keeping quotes at high levels.
CIF prices of 1.5% ore in the north stood at $70/wmt. Quotes are likely to rise further in view of higher profits of NPI and shipping rates. Traded CIF prices of 1.5% ore reached $67/wmt, but trading volumes were small Quotations by mines also rose, with traded prices for Ni 1.4% ore of $38/wmt on a fob basis. Such prices were not mainstream prices. Prices of nickel ore will have room to rise amid current strong demand. Ni 1.5% ore prices are expected to stand at $65-70/wmt this week on a cif basis.
Shipping rates from the Philippines to China on June 18 stood at $21.75-22.05/wmt (the Philippines to southern Chinese ports-the Philippines to northern Chinese ports), up $4/wmt from a week earlier, due to tight shipping capacity, rent hitting a high and higher oil prices. The BDI rebounded and hit a four-year high amid high shipping rates. The index is likely to surge further in view of the current shipping demand.
