SHANGHAI, Jul 13 (SMM) — SMM prices of Ni1.5% ore average stood at $73.5/wmt on a cif basis on July 9, unchanged from a week earlier.

Nickel ore prices remained stable this week. Quotations remained high but the mainstream traded prices in the market remained at CIF $72-75/wmt. Traded prices in north China were higher, with several deals at CIF $76/wmt. Quotes for a small amount of high-grade 1.8% ore from New Caledonia stood at $100-102/wmt. The upward momentum of nickel ore prices has slowed down due to the narrowing of NPI profits. However, ore prices are likely to remain high and even further squeeze the profit margins of NPI amid high demand and tight supply. Traded prices of 1.5% ore are expected to move between $73-78/wmt.

Shipping rates from the Philippines to China on July 2 stood at $21.75-22.05/wmt (the Philippines to southern Chinese ports-the Philippines to northern Chinese ports), flat from a week earlier. The BDI remained high and stood at 3,281, slightly lower than a week earlier. Slow unloading to cargoes at ports extended shipping periods, preventing shipping rates of nickel ore from falling.