Nickel Ore Prices Experience Little Changes Last Week as Market is Conservative in its Expectations for the Recovery of Consumption

SHANGHAI, Feb 13 (SMM) - Last Friday, the average price of Ni 1.5% ore was $72/wmt on a CIF basis, up $0.5/wmt from the previous Friday. SMM average price of Ni 1.8% ore stood at $104.5/wmt on a CIF basis, up $0.5/wmt from a week earlier. The rise in nickel ore prices was mainly caused by the market sentiment. Ore supply in the Philippines was limited during the rainy season. The price offered by mines in the north was high and firm, with the price of Ni 1.6% ore of $76/wmt. The price difference among different grades of nickel ore was about $10/wmt, and the prices of mid-grade ore grew slightly. On the demand side, large downstream companies carried enough nickel ore inventories, and they generally offered lower purchase prices of nickel ore. At the same time, the market was relatively conservative in its expectations for the subsequent recovery of downstream consumption. The buyers and sellers wrestled over the prices, hence the nickel ore prices changed little. Some NPI factories restocked nickel ore on rigid demand, and the traded prices were relatively high owing to the supply tightness of nickel ore. Ni 1.5% ore prices are expected to edge higher to around $71-76/wmt on a CIF basis in the short term.