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Nickel ore prices fell after rising in March, likely to further drop in April amid higher shipments and NPI costs
2021-4-15

Apr 15  – At the end of March, cif price of Philippine Ni 1.5% medium-grade nickel ore was $71/wmt, down $9/wmt from the end of the previous month, and $11.5/wmt from the highest price of $82.5/mt in early March, which hit a record high since SMM nickel ore quotations in August 2016. Some futures for April were sold in March. As many NPI plants were suffering losses, they could not accept the high nickel prices and urged minses with high profits to lower quotations.


Stimulated by the plunge of nickel prices in early March, the quotations of mines rose first and fell rapidly by 16.2%. However, as the NPI was traded at 1,100 yuan/mtu (ex-factory, tax included), most plants could not profit from the nickel ore price at $71/wmt, and the psychological prices of NPI plants had dropped below $65/wmt. The overall nickel ore market is liekly to remain weak in April and weigh on the nickel ore prices. The sea freight stood high and may drop slightly in April, which will also drag down the nickel ore prices. The cif prices of Ni 1.5% nickel ore are expected to move between $64-67/wmt.

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