Yesterday, the Benguet mine in northern Philippines sold 1.25% nickel ore via tender at FOB $32, marking a slight price decline. The nickel ore market remains largely in a wait-and-see mode, with ongoing divergences in price expectations. On the Philippine side, mine-side offers remain firm, with 1.4% nickel ore FOB prices mostly held at $42-43 as miners' psychological threshold. Overall, the market remains tight in supply, and attention continues to focus on shifts in sentiment and transaction activity.In the refined nickel market, spot trading activity dipped slightly compared to the previous day, though overall market enthusiasm remained strong. Premiums across various brands were generally stable to slightly lower. However, supported by Jinchuan's ex-works pricing, its spot premium saw a modest uptick. Traders were actively canceling warrants to meet downstream physical demand, with SHFE nickel warrant inventory dropping by 1,138 tonnes to 26,028 tonnes.