Yesterday, offers in the high-grade NPI market remained firm, but trading continued to be quiet. On the news front, Indonesia's Ministry of Energy and Mineral Resources (ESDM) emphasised that no new nickel commodity quotas would be added beyond those needed to meet the operational requirements of smelters facing supply shortages. ESDM took decisive steps to reject any blanket increase in national nickel production quotas, aiming to maintain stability in international bulk commodity markets. While enforcing strict policies, the government continued to encourage mining companies that met regulatory requirements to submit their RKAB revisions before the July 31, 2026 deadline.On the cost side, Philippine nickel ore prices held steady, with CIF offers for 1.3% grade at US $47/wmt. In the Indonesian domestic ore market, the market price for Ni:1.6% Mc35% in the first half of July stood at US $70.64/wmt. The downward trend in ore prices remained unchanged.