CITIC Securities Puts Buy Rating on Lygend Resources

Indonesian nickel ore prices remained unchanged on October 12, 1.2% Ni limonite: $25.5/wmt, unchanged 1.3% Ni limonite: $27.5/wmt, unchanged 1.4% Ni saprolite: $48.7/wmt, unchanged 1.5% Ni saprolite: $54.2/wmt, unchanged 1.6% Ni saprolite: $59.0/wmt, unchanged Market outlook: Despite stable spot assessments, upstream sentiment remains weak amid additional RKAB quota releases, lower nickel HMA and HPM benchmarks, and negative premiums for mainstream saprolite. Cautious smelter procurement may continue to pressure ore prices.

Asian stainless trading was thin in early October with only three working days. In South Korea, imported 304 CR is now priced below domestic 304 HR, pressuring local offers as buyers purchase only as needed. Chinese sentiment weakened on softer nickel, while Asian export offers held steady on Indonesian-driven raw material costs.