Nickel Daily: Tender prices of nickel ore from Philippine mines surge significantly

Tender prices from Philippine mines surged significantly, which had already translated into main market offers. Last Friday, a tender for 1.4% nickel ore from the northern mine Eramen was concluded at a high price of $47/wmt FOB, and recently this resource was finalized in Indonesia at a CIF price of $53/wmt. Meanwhile, a new tender for 1.3% ore from another major mine, Benguet, was concluded at $40/wmt FOB. Driven by this strength, offers for mainstream grades in the Chinese market rapidly followed suit. Meanwhile, CIF offers for 1.4% nickel ore have risen correspondingly to around $53/wmt, with sellers demonstrating exceptionally firm price-supporting resolve.In Indonesia, the market operated with relative stability following the earlier benchmark price adjustment. Current market focus has shifted to expectations for the next month. Domestic trade premiums for next month are initially expected to hold steady.

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