[Weekly Review of Nickel Ore Market] Premiums for Indonesian Domestic Trade Laterite Nickel Ore Continue to Rise, Prices Remain Strong

The Rainy Season in the Philippines for Nickel Ore Continues Mines' Sentiment to Stand Firm on Quotes Strengthens

During the Week, FOB Prices of Medium- and High-Grade Nickel Ore from the PhilippinesContinued to Rise After the Holiday, with No Transactions in the Low-Nickel High-Iron Market. For Medium- and High-Nickel Grade Nickel Ore, After the Chinese New Year, the Sentiment to Stand Firm on Quotes from Philippine Mines Became More Evident, Driven by the Continuous Increase in Premiums for Indonesian Domestic Trade Ore and Speculative Sentiment Around Philippine Nickel Ore Policies. In Terms of Supply: Major Mining Areas in the South Remain in the Rainy Season, Resulting in Limited Supply and Fewer Mine Tenders in the Off-Season Philippine Nickel Ore Market. Domestic Port Arrivals of Philippine Nickel Ore Were Low, and Port Inventories Continued Destocking. The Persistently Weak Supply During the Rainy Season Further Strengthened Mines' Willingness to Raise Prices. In Terms of Demand: The Continuous Rise in Nickel Pig Iron Prices After the Holiday Brought Some Profit Recovery, but the Increase Was Less Than That of Raw Material Prices. Domestic Nickel Pig Iron Plants Still Operated at Losses and Currently Focused on Just-in-Time Procurement, with Limited Acceptance of High-Priced Nickel Ore. Regarding Ocean Freight Rates, the Freight Rate for Nickel Ore from the Philippines-to Lianyungang Was$7-8/mt/, and from the Philippines-to Tianjin Port Was$8-9/mt/. After the Adjustment Caused by the Shift in Shipping Origins Before the Holiday, Freight Rates Remained Unchanged This Week. Overall, Affected by Multiple Factors, Philippine Nickel Ore Prices Are Expected to Fluctuate Upward in the Future.

The Premiums for Indonesian Laterite Domestic Trade Ore Continue to Rise Prices Remain Strong

Regarding Current Market Transaction Prices: For Pyrometallurgical Ore, Premiums for Nickel Ore in the LargeKIndustrial Park in Indonesia Generally Range from$17-19, While Premiums in Other Regions Are Mostly$20-22Due to Freight Costs. In Terms of Supply, Although Indonesia Announced inJanuaryThat the Approved2025RKABQuota Was298 million wmt, Representing a Significant Increase Compared to the Same Period Last Year, the Rainy Season in Sulawesi and the Launch of theSIMBARASystem Have Somewhat Affected the Market's Circulating Supply. In Terms of Demand, Before the Chinese New Year, Local Pyrometallurgical Plants in Indonesia Generally Had Less Than Two Months of Inventory. InFebruary, Restocking Demand Became Relatively Evident, and Active Raw Material Procurement to Some Extent Drove the Increase in Premiums. For Hydrometallurgical Ore, the Continuous Ramp-Up of the QMB Project at the Beginning of the Year and the Expected Commissioning of New Projects Later This Year Suggest That Hydrometallurgical Ore Prices May Continue to Fluctuate Upward. In Terms of Costs: The Rise in NPI Prices Brought Some Profit Recovery, and Downstream Acceptance of Higher Nickel Ore Prices Improved. Additionally, the Market Remains Cautious About the Uncertainty Surrounding the Annual RKAB. In Summary, SMM Expects Indonesian Ore Prices to Remain Stable with an Upward Bias in the Short Term. In the Medium and Long Term, Influenced by Multiple Factors, Indonesian Nickel Ore Prices Still Have Some Room for Growth. However, the Balance in Indonesian Nickel Ore Has Not Undergone Significant Structural Changes, and the Price Increase for Indonesian Domestic Trade Ore May Be Relatively Limited. The Progress of the Indonesian Government in Issuing Supplemental Quotas for Nickel Ore This Year Will Still Have a Significant Impact on Future Nickel Ore Prices.

》Subscribe to View SMM Historical Spot Metal Prices