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Nickel Daily: Nickel ore prices in the Philippines remain at elevated levels overall

Source: Mysteel Apr 29, 2026 09:04
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Nickel Demand Price Supply
Nickel ore prices in the Philippines remained at elevated levels overall. Chinese nickel pig iron smelters concluded CIF deals for 1.3% grade ore at US $57/wmt. Cost pressures on Indonesian nickel pig iron continued to intensify. According to feedback from some Indonesian NPI smelters, the all-in cost for Indonesian NPI had risen to around Yuan 1,180/mtu (ex-factory, including tax), and the ore cost recorded in their financial systems had increased to US $72.8/wmt, resulting in significant cost inversion. In addition, the expected maintenance at the Weda Bay mine in May reinforced expectations of tight ore supply, while persistently high sulfur prices continued to support MHP costs. Overall, cost-side factors provided strong support for NPI prices.SHFE nickel prices traded in a range yesterday, with no notable improvement in spot trading for refined nickel. Spot premiums/discounts for various refined nickel brands were mostly stable with minor adjustments.

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