As New Year approaches, trading activity in the nickel ore market remains sluggish. There have been few new tenders from Philippine nickel mines since the start of the holiday period, with offers being sporadic. In Indonesia, trade base prices for nickel ore in January 2024 are expected to drop by approximately US $0.3 to US $0.4/tonne. It is likely that nickel ore prices will remain stable in the short term.For refined nickel, spot trading remained weak yesterday due to year-end settlements. The tightness in spot resources from Jinchuan Group gradually eased, and the factory price premium over SHFE Nickel continued to decline.