In June, the CIF prices of Indonesian laterite nickel ore for domestic trade rose significantly. Affected by the previous increase in LME nickel prices, the monthly benchmark price of 1.6% grade Indonesian laterite nickel ore for domestic trade spiked, reaching $33.5/wmt, with a MoM increase of approximately 8.4%. In terms of premium, due to active market procurement and tight supply, as well as the recent rumours about the suspension of RKAB approvals in June, the price of Indonesian laterite nickel ore for domestic trade in June rose to $44.5-$50.5/wmt, and the mainstream premium also increased to $13-$14/wmt. In some regions, affected by geographical distance and other factors, the premium rose to above $15/wmt.
Regarding the recent rumours about the possible suspension of RKAB approvals for Indonesian laterite nickel ore in June, market interpretations were divided. Some believed that the concentrated release of nickel ore approval quotas in July was in line with the market practice of previous years, while some believed that this aligned with the news of applying for additional temporary quotas within the year. These messages have not been fully confirmed. SMM will continue to pay attention to this.
