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Nickel Daily: Rising oil prices push up fuel costs for nickel mining operations and transportation

Source: Mysteel Mar 25, 2026 09:05
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Nickel Demand Price Supply
In the Philippines, the country's oil imports are heavily dependent on the Middle East. Rising oil prices directly pushed up fuel costs for mining operations and transportation, which in turn fed into higher FOB nickel ore offers and ocean freight rates. This dampened traders' purchasing interest to some extent, while inquiries from nickel pig iron (NPI) smelters remained sluggish, putting downward pressure on Philippine nickel ore prices. In Indonesia, approvals for RKAB nickel ore quotas stayed slow, keeping domestic ore premiums strong.In China, the refined nickel market continued to trade within a soft range, with average prices edging slightly lower. On the supply side, spot availability remained ample. On the demand side, only a handful of end-users with immediate needs made small purchases at lower prices, leaving overall trading activity subdued.

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