Nickel Daily: Nickel ore FOB offers continued to weaken in the Philippines, further undermining cost support for nickel prices

Source: Mysteel May 26, 2026 09:11

In the Philippines, nickel ore FOB offers continued to weaken, further undermining cost support for nickel prices. FOB offers for 1.3% grade ore stood at US $34-37/wmt. Additionally, crude oil prices fell sharply on the screen, leaving room for sea freight to decline. Indonesian domestic ore prices remained high, but weighed down by falling Philippine ore prices, upward momentum was insufficient, and Indonesian ore prices were expected to have room to decline in June.SHFE nickel prices pulled back in a range yesterday, while spot trading for refined nickel remained generally subdued. Spot premiums/discounts for various refined nickel brands held mostly steady, with Jinchuan electrolytic nickel and some non-standard brands seeing small declines. Indonesia's Ministry of Energy and Mineral Resources imposed temporary operating freezes on mining companies that had not submitted their 2026 RKAB applications.

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