For nickel ore, sea freight rates from the Philippines to China and Indonesia are expected to gradually decline from current highs. A pullback in sea freight would effectively ease landed cost pressures for nickel ore. On the Indonesian domestic ore front, premiums for high-grade ore above 1.6% remained firm, while premiums for low-grade ore of 1.4% came under notable pressure.Yesterday, the most-traded SHFE nickel 2607 contract closed down 0.01% at Yuan 135,740/tonne. As short-term demand had largely been released last week, spot trading for refined nickel was generally subdued yesterday, and spot premiums/discounts for various brands were mostly stable with minor adjustments. On the macro and policy fronts, geopolitical tensions in the Middle East cooled significantly, expectations of the reopening of the Strait of Hormuz increased, and the logic of tight sulfur supply weakened somewhat.