Indonesia nickel ore prices rebounded
Last week, the average price of Ni 1.5% ore was $46/wmt on a CIF basis, unchanged WoW. Nickel ore prices from Philippines to the domestic market stayed high last week.This is mainly because the Surigao region entered the rainy season, leading to a significant decline in the export volume from Philippines to the domestic market in March, resulting in rare spot transactions. Despite accelerated RKAB approval, downstream smelters are still facing rising prices for highgrade and low-grade nickel ore. In Indonesia, prices for 1.2% laterite nickel ore were at $21.3-$25.3/wmt, up by $1.5/wmt. Similarly, prices for 1.6% laterite nickel ore were at $37.3- $42.3/wmt, with an increase of $2.5/wmt. Nickel ore prices are going up in Indonesia, and downstream smelters don't have much inventory. Even though they're approving quotas faster, there's still not enough ore available. Smelters urgently need more ore and are paying extra for it from faraway islands. Only by getting more quotas approved can this issue be fundamentally solved. Extra quotas near OBI help a bit, but the supply is still tight.
Nickel ore inventories at Chinese ports down 430,000 wmt WoW
As of March 22, port inventories of nickel ore in China stood at 6.528 million wmt, down 430,000 wmt from March 15. The total Ni content was 51,290 mt. The port inventory across seven major Chinese ports totaled 3.018 million wmt, 295,000 wmt lower than March 15. The rainy season has arrived, the peak shipping period passed, and nickel ore will be in a phase of reducing inventory this month.
Amount of imported nickel ore arriving at ports totaled 480,600 wmt as of March 15
As of March 15, nickel ore arrivals at Chinese ports totaled 480,600 wmt, up 85% WoW. The weekly arrivals at the port remained at a low level. Surigao has officially entered the rainy season, expected to last until April, causing a decrease in the weekly arrival. In terms of specific ports, the increase in imported nickel ore was mainly concentrated at Ningde Port, Yangjiang Port, and Jinzhou Port. Due to the rainy season nearing, it's likely that arrivals at ports in March will be at low levels.
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