After the Indonesia Critical Minerals Conference & Expo 2025​​​​​​​, Wu Chenyu, SMM's Nickel Industry Marketing Director, and Enzo, a nickel industry analyst, led a team of international visitors to visit the Indonesia Branch of Guangdong Brunp Recycling Technology Co., Ltd.

[Morning Meeting Minutes on June 30] Last week, the FOB prices of nickel ore from the Philippines remained stable, and domestic transaction prices also held steady temporarily. The CIF price of Philippine laterite nickel ore (NI1.3%) from the Philippines to China was $46-47/wmt, and the FOB price was $37-38/wmt; the CIF price of NI1.5% was $59-61/wmt, and the FOB price of NI1.5% was $52-53/wmt. In terms of supply and demand, on the supply side, although there was precipitation at all major nickel ore loading points in the Philippines, the continuous rainfall during the week significantly affected the loading progress of nickel mines, and the loading progress was generally delayed compared to expectations. On the demand side, the NPI price continued to fall this week, and domestic NPI smelters were still suffering from severe losses. The sentiment for raw material purchases was frustrated, and the support for nickel ore prices from the demand side continued to weaken. Looking ahead, influenced by multiple factors such as the decline in domestic trade nickel ore prices in Indonesia this week, the continuous losses of downstream smelters, and the limited willingness to purchase at high prices, the prices of nickel ore from the Philippines may weaken.

Throughout the week, the average price of SMM 8-12% high-grade nickel pig iron (NPI) was 915.2 RMB per nickel point (ex-factory, including tax), which is a decrease of 10.3 RMB per nickel point compared to the previous week's average price. The Indonesian NPI FOB index price was $111.1 per nickel point, down by $1.2 per nickel point from last week. The price of high-grade nickel pig iron continued a downward trend throughout the week.

Indonesian Nickel Ore Premiums Dropped? Another New Trend? NPI Prices Behaved The Same?

Nickel ore prices in the Philippines remained stable. With smelters operating at a loss, downstream acceptance of high-priced nickel ore was limited. Nickel ore prices in Indonesia changed this week, with saprolite ore prices experiencing a downward trend.