Nickel Daily: Nickel prices fluctuate and move lower, and nickel ore prices in the Philippines also accelerate the decline

Source: Mysteel May 18, 2026 09:11

Last week, nickel prices fluctuated and moved lower. At the beginning of the week, macro sentiment gradually dissipated, and nickel prices came under pressure and declined, once breaking below Yuan 143,000/tonne. Although prices rebounded slightly thereafter, the accelerated decline in nickel ore prices in the Philippines continued to weaken cost support, keeping nickel prices at low levels. For the week, the most-traded SHFE nickel contract traded in a range of Yuan 142,260-149,350/tonne.Nickel ore prices in the Philippines accelerated the decline last week, with mine FOB offers edging lower and the average price for China CIF transaction prices shifting notably downward. The CIF transaction price of 1.3% grade nickel ore dropped to US $50/wmt, while the CIF price of 1.4% grade dropped to US $58-60/wmt, a wider decline than the previous week.