Nickel Ore Prices Stood Flat, Ocean Freight Pulled Back amid Weak Demand

SHANGHAI, Nov 8 (SMM) - The average price of Ni 1.5% Philippine laterite nickel ore stood at $82/wmt last week, flat on the week. The transaction prices of Ni 1.8% nickel ore fell by $1-2/wmt to $121-122/wmt as the prices of nickel and stainless steel pulled back. But the price decline was narrower than that of the medium-grade nickel ore. The transaction price of Ni 1.4% nickel ore was $76.5/wmt, and the price may continue to fall.

The NPI plants had sufficient nickel ore inventory as they had restocked raw materials for the rainy season before the power rationing, which pushed up the nickel ore prices. The plants reduced the purchase of nickel ore amid slower consumption during the power rationing. The market transactions were sluggish, and the nickel ore prices stood low. The ocean freight pulled back as well due to the rainy season and lower coal prices, which expanded the downward room for nickel prices. The nickel ore prices are expected to fluctuate at low levels in the short term amid the high costs and low profits.