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Home / Metal News / Nickel Ore Prices Remained Rangebound amid Shrinking Supply and Low Profit Margins of NPI Plants

Nickel Ore Prices Remained Rangebound amid Shrinking Supply and Low Profit Margins of NPI Plants

Oct 24, 2022 09:13

Source:SMM

Nickel ore prices remained rangebound last week.

SHANGHAI, Oct 24 (SMM) - Nickel ore prices remained rangebound last week. Last Friday October 21, the average price of Ni 1.5% ore stood at $71/wmt on a CIF basis, up $0.5/wmt from a week earlier. The mining areas in the south Philippines have gradually entered the rainy season, and the ore supply is decreasing, which offers a strong support to the ore prices. However, the low profit margins of NPI plants have contained the sharp rise in ore prices in the near term. In addition, ore output from some new mining sites in the north Philippines and other regions may ease the supply tightness caused by the rainy season despite the initial output being low. Ore demand from the stainless steel and NPI markets improved. The steel mills and NPI plants could accept higher nickel ore prices because of the rising prices of stainless steel and NPI. Nickel ore prices may fluctuate with some upward potential, and prices of Ni 1.5% ore will move between $70-74/wmt.

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