Affected by heightened tensions in the Middle East, the soaring international oil prices have led to a significant increase in ocean freight rates, resulting in a notable rise in the transportation costs of nickel ore from the Philippines. Freight rates for shipments from the Philippines to major ports in China and Indonesia have generally increased by US $5-7/wmt. Currently, freight rates from Surigao to Lianyungang are approximately US $16-17/wmt, with market quotes reaching US $18-20/wmt, notably higher than previous levels. In Indonesia's nickel ore market, domestic premiums remained at elevated levels with diversified incentive mechanisms. Current nickel ore incentives include three components: Fe/Ni ratio, Si/Mg ratio, and total amount, with slight variations in rules among different smelters.