An easing of geopolitical tensions in the Middle East directly reinforced expectations of lower sea freight rates. As navigation order in the Strait of Hormuz gradually resumed, international oil prices and bunker fuel costs were expected to retreat, and sea freight rates from the Philippines to China and Indonesia were likely to gradually decline from current highs (approximately US $15/wmt from Surigao to Lianyungang). A pullback in sea freight would effectively ease landed cost pressures for nickel ore. On the Indonesian domestic ore front, the premium structure showed a clear divergence, with mainstream premiums holding in the range of US $5-8/wmt.Yesterday, the most-traded SHFE nickel 2607 contract closed up 0.4% at Yuan 135,870/tonne, but spot trading for refined nickel remained generally subdued. Spot premiums/discounts for various brands held mostly steady, with Jinchuan electrolytic nickel and a few non-standard brands seeing small declines.