Nickel Ore Prices Fall Slowly Last Week with the Improvement in Downstream Demand

SHANGHAI, Apr 24 (SMM) - Last Friday, the average price of Ni 1.5% ore dipped $2/wmt from the previous Friday to $50/wmt on a CIF basis. Nickel ore shipments from the Philippines stood low as the mines in the country were less willing to ship cargo, which tightened the nickel ore supply in China. On the demand side, many NPI plants were more willing to purchase nickel ore. At the same time, the prices of NPI rebounded to 1,100 yuan/mt during the week. The continuous rise in NPI prices may drive up ore prices. The traders were less willing to ship their spots as the current domestic nickel ore prices were low, while the mines had a strong willingness to raise the quotes. Short-term Ni 1.5% ore prices may be stable.