Nickel Daily: Nickel ore prices continue to rise amid prevailing bullish and firm price-supporting sentiment

Nickel ore prices continued their upward trajectory yesterday, driven by prevailing bullish and firm price-supporting sentiment, which pushed the average transaction price even higher. High offers from Philippine mines continued to steer the market. In China, a transaction for 1.5% grade nickel ore was concluded at CIF $57/wmt, while a major plant indicated a target purchase price of $58-59/wmt for the same grade. Meanwhile, offers for 1.4% grade ore emerged around CIF $53/wmt, but met with low buyer acceptance, highlighting intensified market negotiations. Additionally, 1.3% grade ore from a mine in southern Philippines was sold at FOB $35.5/wmt for shipment to Indonesia, reflecting a generally bullish outlook among miners. SHFE nickel prices traded with a firm bias, while overall spot trading for refined nickel was subdued. Premiums for Jinchuan resources surged significantly in the morning but retraced somewhat after its ex-factory price announcement.

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