RKAB approval accelerates nickel ore prices continue to be high [Laterite Nickel Ore Weekly Review]

SMM, March 15, the average price of 1.5% CIF this week was $46/wmt, an increase of $0.6/wt from last week's price. During the week, the price of arriving mines from the Philippines to China rebounded slightly. Although the Surigao region has entered the rainy season, it is expected that the amount of nickel ore exported from the Philippines to China will remain low during March, and the spot transaction will also decrease. The progress of the RKAB audit in Indonesia has increased to more than 70 during the week, and the total amount of saleable quota (one year) approved so far is about 130 million wet tons. Affected by the concentration of the main areas of the quota approved in the early stage, the current supply of small K island is relatively tight compared with the large K island. According to market feedback, the recent outsourcing of Xiaoke Island has increased, but it is still difficult to meet the existing demand from the perspective of the existing total outsourcing volume. It is expected that with the continued advancement of approval, the current situation of tight existing inventory of smelters and a slight increase in procurement costs may gradually be alleviated to a certain extent. SMM will continue to monitor this.