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.SHFE nickel prices traded in a range and then fell sharply yesterday, while spot trading for refined nickel was generally active. Amid sharp nickel price volatility, transactions were rather dispersed, and spot premiums/discounts for various refined nickel brands were steady to higher. On the macro front, the US House of Representatives passed a resolution limiting the president's authority to use military force against Iran, expectations of Federal Reserve rate hikes intensified, and sharp declines in US technology stocks, among other factors, put notable downward pressure on the non-ferrous metals sector.