Nickel Daily: Nickel ore prices in the Philippines continue the weak trend, while Indonesia's domestic ore prices face pressure

Source: Mysteel May 28, 2026 09:08

Philippine nickel ore prices continued their weak trend. FOB offers for 1.3% grade remained in the range of US $34-38/wmt, while sea freight weakened, further easing landed costs. Indonesian domestic ore prices faced pressure, with expectations for 1.4% grade prices lowered to the US $58-60/wmt range, further weakening cost support.SHFE nickel prices traded with an upward bias yesterday, while spot premiums/discounts for various brands held mostly steady. Spot trading for refined nickel turned colder compared with the previous day. Shipping disruptions in the Strait of Hormuz had eased, and support from sulfur prices for hydrometallurgical refining costs had softened somewhat, though the situation remained prone to recurring tensions. On the inventory front, SHFE warrant stocks and social inventories in China remained high, keeping spot digestion pressure elevated.

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