Nickel Daily: Philippine nickel ore prices weaken notably, while Indonesia's domestic ore pricing models remain diverged

Source: Mysteel May 12, 2026 08:57

Philippine nickel ore prices weakened notably. In the Philippines, FOB offers for 1.3% grade stood at US $39-41/wmt, with CIF offers at US $55/wmt. In addition, crude oil prices had fallen sharply, and freight rate changes remained a factor to watch. In Indonesia, domestic ore pricing models remained diverged, with fixed prices and HPM plus premium operating in parallel. Overall costs remained high but lacked further upward momentum. Hydrometallurgical ore was 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/wmt (excluding additional incentive premiums offered by smelters). Overall, cost support from nickel ore remained relatively strong.SHFE nickel traded in a range with an upward bias yesterday, with market activity light and downstream buyers purchasing only on a just-needed basis.

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