Nickel Ore Mines Hold Their Prices Firm, which was Unacceptable for Downstream Companies

SHANGHAI, Mar 15 (SMM) - Last Friday, the average price of Ni 1.5% ore stood at $71/wmt on a CIF basis, down $1/wmt from the previous Friday. Nickel ore supply remained low as the Philippines was still undergoing the rainy season. On the demand side, a stainless steel mill in east China purchased thousands of tonnes of Indonesia NPI at 1,280 yuan/mtu, greatly dragging down the market prices and suppressing the profit margins of NPI plants. In such a context, the NPI factories held a wait-and-see attitude toward the nickel ore restocking in addition to dropping NPI prices. Recently, some traders have lowered the ore quotes by about $1/wmt, which may be a signal that the nickel ore prices will fall as expected. However, the rainy season in the Philippines has not passed, so in the short term, it is expected that the prices of Ni 1.5% ore will have limited downward space and may be stable with occasional drops.