[SMM Analysis] After the premium of Indonesian domestic trade laterite nickel ore declined, it temporarily stabilized，and strong price support for Philippine nickel ore is coming

Published: Nov 15, 2024 21:18 (GMT+8)

Source: SMM

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SMM, November 15 - Indonesian Domestic Laterite Nickel Ore Prices Stable

In Indonesia, the market conditions for laterite nickel ore are temporarily stable. Compared to last week, nickel ore premiums are basically flat, with mainstream transaction premiums stable at $17-18 per wmt. Although the market is eagerly anticipating the upcoming monthly benchmark price for Indonesian laterite nickel ore, there remains some uncertainty about whether this year's RKAB quota can be fully consumed before year-end. Some mines may not be able to use up this year's quota by year-end due to late approval times or their own mining capacity limitations. This phenomenon may affect market expectations for December's Indonesian laterite nickel ore premiums and next year's temporary additional RKAB quota supply. However, in the short term, there is no significant downward trend in Indonesian domestic laterite nickel ore prices.

Philippine Nickel Ore Prices Gradually Strengthen

In the Philippines, the nickel ore market is being influenced by limited shipments from northern mines, causing prices to gradually strengthen. Due to the shift in shipping focus, sea freight costs have declined. However, the market remains cautious about the shipment capacity of northern mines, pushing a new round of FOB and CIF mid-grade nickel ore prices higher. Surprisingly, at the same time, domestic high-grade NPI prices are showing a weakening trend. This opposite price movement makes it difficult for downstream smelters to quickly complete restocking in the short term, resulting in a still subdued market transaction atmosphere. Nevertheless, domestic spot market prices are expected to remain stable.

In summary, the global nickel ore market exhibits distinct characteristics in different regions. Philippine nickel ore remains strong, while the Indonesian market is stable. As year-end approaches, these market dynamics will impact the overall supply-demand pattern and set the stage for next year's market trends. All participants need to closely monitor market changes and adjust their strategies in a timely manner to cope with future uncertainties.

Nickel Ore

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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