Mines Insist on High Nickel Ore Quotes, which are Unacceptable for Downstream Sectors

Published: Mar 6, 2023 15:33

Source: SMM

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The average price of Ni 1.5% ore stood at $72/wmt on a CIF basis last Friday, flat from a week earlier.

SHANGHAI, Mar 6 (SMM) - The average price of Ni 1.5% ore stood at $72/wmt on a CIF basis last Friday, flat from a week earlier. Shipments from the Philippines were low. The domestic inventory accumulated earlier is also gradually consuming. The low supply of nickel ore has made mines more willing to raise prices. On the demand side, traders restocked NPI in large quantities previously, and some hedgers could cut their prices more amid the falling nickel prices. The NPI prices got weaker support from the sufficient supply and the traders’ dumping of goods. SMM expects the NPI prices to fall further, and the NPI plants may not accept higher raw material prices. The nickel ore buyers and sellers are still wrestling over the prices. And the price move may be determined by the end of the rainy season in the Philippines. Short-term CIF prices of Ni 1.5% ore will be maintained at the current level.

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