Nickel Daily: Nickel ore prices in the Philippines accelerate decline, with mine FOB offers weakening across the board

Source: Mysteel May 11, 2026 09:14

Nickel ore prices in the Philippines accelerated decline last week, with mine FOB offers weakening across the board. FOB offers for 1.3% grade stood at US $39-41/wmt. Chinese nickel pig iron smelters received CIF offers for 1.3% grade at US $55/wmt, a notable decrease from earlier levels. Indonesia's domestic ore market saw two pricing models operating in parallel: HPM plus premium and fixed pricing. Tsingshan primarily promoted the fixed-price model, with hydrometallurgical ore at US $28-33/wmt and 1.4% grade fixed at US $64/wmt. Overall costs remained high but lacked further upward momentum.In the refined nickel segment, nickel prices rallied then retreated. Spot refined nickel struggled to follow the price increase. Early in the week, lower procurement costs for Jinchuan material led to weaker premiums. As the delivery date approached, discounts for deliverable brands gradually narrowed.

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