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Nickel Daily: The nickel ore market continues its strong performance, with premiums continuing to rise in Indonesia

Source: Mysteel Mar 03, 2026 09:18
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Nickel Demand Price Supply
The nickel ore market continued its strong performance yesterday. Tight supply of domestic nickel ore in Indonesia intensified further, with premiums continuing to rise, prompting Indonesian smelters to increase procurement of Philippine ore. However, the excessively rapid increase in Philippine ore prices has dampened purchasing willingness among Chinese NPI smelters. Tender prices for Philippine 1.3% grade nickel ore climbed to US $52/wmt, with sea freight rates increasing by US $1 from previous levels due to international developments. CIF prices for Ni:1.4% grade ore shipped from the Philippines to Indonesia reached US $67-69/wmt, providing strong support to overall ore prices. In Indonesia, premium quotes for domestic nickel ore remained robust. Base premium pricing for nickel ore at mainstream Indonesian NPI smelters stood at US $35/wmt, with additional incentive premiums offered by smelters reaching up to US $45/wmt.

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