Nickel Daily: Nickel ore prices in the Philippines hold steady, while pricing methods in the Indonesian nickel ore market diverge

Source: Mysteel May 07, 2026 08:52

Philippine nickel ore prices held steady, while pricing methods in the Indonesian nickel ore market diverged. Two mainstream methods currently existed: one was benchmark price (HPM) plus a premium, and the other was a fixed price. Mainstream nickel pig iron smelters mainly promoted the fixed-price method, with total prices unchanged from April. Hydrometallurgical ore at US $28-33/wmt, 1.4% grade CIF at US $64/wmt, and 1.5% grade CIF at US $71/wmt. Some smelters transacted using a fixed HPM plus a premium of US $7-16/wmt. SHFE nickel prices rose sharply yesterday, while spot trading for refined nickel remained generally subdued. Nickel prices surged in the morning session, and both traders and downstream companies adopted a strong wait-and-see stance. Traders reported very few sales, while spot premiums/discounts for various brands were steady to higher. As nickel prices moved higher, spot premiums/discounts gradually declined on concluded transactions.

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