Nickel Daily: Nickel ore prices in the Philippines edge down slightly but remain at elevated levels overall

Nickel ore prices in the Philippines edged down slightly but remained at elevated levels overall. Chinese nickel pig iron smelters concluded CIF deals for 1.3% grade ore at US $57-59/wmt. Indonesia's new HPM policy had been implemented, though new nickel ore premiums were still under negotiation. Domestic ore prices in Indonesia remained high, with cost-side support unchanged. Driven by expectations of cost increases, both NPI smelters and traders moved their offers higher, to above Yuan 1120/mtu.SHFE nickel prices eased slightly yesterday, and spot trading for refined nickel remained generally subdued. Traders' acquisition costs for Jinchuan material had diverged recently. Following lower trader acquisition costs last Friday, spot premiums/discounts continued to decline in the morning session; merchants with higher costs suspended offers and stayed on the sidelines.

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