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Nickel Daily: SHFE nickel prices continue to increase, while spot trading for refined nickel generally subdued

Source: Mysteel Feb 26, 2026 09:05
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Nickel Demand Price Supply
In the nickel ore market, Philippine mine offers remained firm. The latest transaction for 1.3% grade ore was concluded at US $48/wmt FOB. Meanwhile, Eramen mine's latest tender for 1.3% grade ore had a starting price of US $50/wmt FOB, though no transaction has been confirmed yet, with the market adopting a cautious wait-and-see stance. Driven by robust Indonesian demand, CIF prices for Ni:1.4% grade ore shipped from the Philippines to Indonesia rose by US $4-5 to US $67-69/wmt.In Indonesia, during Ramadan, mine production efficiency and logistics transportation remain constrained, keeping spot available resources tight. This has pushed premiums for pyrometallurgical ore up notably to US $35-39/wmt, a significant increase from previous levels. Some buyers, seeking to secure production, have shown slightly higher acceptance for urgent cargoes.

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