This week, Philippine nickel ore FOB and CIF prices held steady. FOB offers for 1.3% grade stood at US $34-38/wmt. On the Indonesian domestic ore front, prices for 1.4% grade remained at high levels of US $64-66/wmt, and although they had softened slightly, the decline was limited.Nickel pig iron inventories at Chinese ports had notably drawn down, reducing market available resources. In the near term, NPI prices were unlikely to fall, providing some support to market sentiment. On the demand side, stainless steel prices traded in a range, and end-demand had not yet shown significant volume. The steel mill procurement cycle was approaching, and new purchasing developments needed to be watched in the near term. In addition, scrap stainless steel offered better cost efficiency, enhancing its substitution effect for high-grade NPI. Currently, the nickel equivalent price of scrap stainless steel was approximately Yuan 1,098/mtu.