Philippine Laterite Nickel Ore: Prices May Fluctuate Upward
On January 22, SMM reported that the price of Philippine laterite nickel ore with 0.9% grade was $36-37/wmt, remaining stable; the price of 1.3% grade was $38.5-40.5/wmt, with an average price of $39.5/wmt, up by $0.5/wmt; the price of 1.4% grade was $43.5-48/wmt, with an average price of $45.75/wmt, up by $1.25/wmt; and the price of 1.5% grade was $51-53/wmt, with an average price of $52/wmt, remaining stable.
In Terms of Ocean Freight Rates: SMM reported that the ocean 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 last week's adjustment due to a shift in shipping locations, today's rates remained unchanged.
Spot Daily Review: The transaction prices of Bunguet and Erman mines rose slightly, and the prices of Philippine laterite nickel ore with 1.3% and 1.4% grades continued their upward trend during the week. In terms of supply: Major mining areas in the south remained in the rainy season, with limited supply and fewer mine tenders in the Philippine nickel ore market during the off-season. In terms of demand: Domestic nickel-iron plants continued to face losses, maintaining just-in-time procurement as the primary approach. However, the slight rebound in nickel-iron prices brought some profit recovery. It is expected that Philippine laterite nickel ore prices may continue to fluctuate upward.
Hot Topic on Indonesian Domestic Trade Ore: Premiums for Domestic Trade Ore in February May Increase Slightly
Weekly Prices: Indonesian domestic trade laterite nickel ore with 1.2% grade (delivery-to-factory price) was $20.5-23.8/wmt, with an average price of $22.15/wmt, up by $0.15/wmt; and 1.6% grade (delivery-to-factory price) was $43.4-44.8/wmt, with an average price of $44.1/wmt, up by $0.1/wmt.
In terms of supply: Since last week, most mines in Indonesia that obtained RKAB quotas have passed the Simbara system review, leading to active shipping sentiment. In terms of demand: The sales prices of Indonesian NPI and intermediate products saw a slight increase, and the production profits of downstream smelters improved slightly. Additionally, due to inventory factors, Indonesian local smelters still had certain just-in-time stocking demand.
Currently, the Indonesian domestic nickel ore market is active, coupled with a slight drop in February's HPM benchmark price for domestic trade ore. Premiums for February are expected to increase slightly.
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