Recently, the nickel ore market has been tendered again. In the Philippines, Benguet Mining launched a tender for nickel ore with a 1.25% grade, though no transactions have been finalized yet. The mine maintains a price-supporting stance. In Indonesia, the trade benchmark price for January 2026 (Period I) increased by US $0.05-0.08/wmt. Regarding premiums, the mainstream level was maintained at US $25/wmt, generally within a range of US $25-26/wmt.Market sentiment was buoyed by recent expectations of tightening ore supply in Indonesia and factors such as the international geopolitical situation. SHFE nickel prices remained elevated yesterday. However, spot trading for refined nickel was generally muted overall. Although Jinchuan increased its material releases, the tight spot supply situation in the market will require time to gradually improve. Spot premiums for its resources consequently remained at high levels.