Philippine laterite nickel ore prices to rise
2024-04-11 11:32:36 [Print]
BEIJING (Asian Metal) 11 Apr 24 – Currently the rainy season in the Philippines ends and the trading volume of the Philippine laterite nickel ore increases. On Wednesday, mainstream prices of Philippine laterite nickel ore 1.3%min stayed at USD28.5-30.5/t CIF China, in line with last Wednesday. Insiders noted that laterite nickel ore downstream consumers' enthusiasm of replenishing stocks increases at present and traders hold back from selling, and expect that the prices of Philippine laterite nickel ore would go up in the coming week.
A Chinese trader said that Chinese consumers' demand for Philippine laterite nickel ore increased in April and one of their customers purchased about 170,000t so far in April, while the customer only bought about 110,000t in March. "This Wednesday we could accept the price of USD30/t CIF China for Philippine laterite nickel 1.3%min, while we refused to ship at the price lower than USD31/t CIF China at the beginning of this month. We closed no deal this week and last sold 58,000t of Philippine laterite nickel ore 1.3%min at USD32/t CIF China early this month", a source from the company reported, adding that as laterite nickel ore trading volume continues to increase, the Philippine laterite nickel ore prices are expected to rise in the following week.
With a regular monthly trade volume of 400,000t, the trader sold 230,000t in March and expects to sell 465,000t in April, holding no stock of laterite nickel ore at the moment.
Another Chinese trader revealed that the demand from their downstream customers increased significantly in April and they currently have 165,000t of laterite nickel ore in stock. They have no plans to sell this week and will wait at least a week before considering shipping, while they won't keep a laterite nickel stockpile under normal circumstances. "On Wednesday we did not sell Philippine laterite nickel ore 1.4%min at the price lower than USD42/t CIF China and on March 30 we purchased 110,000t of Philippine laterite nickel ore 1.4%min at USD25/t FOB Philippines, plus the shipping fee of USD12/t, which is equivalent to the price of USD37/t CIF China", a source from the company mentioned, adding that they plan to hold the goods in the upcoming week, and predicts that the prices of the Philippine laterite nickel ore in Chinese market might move up in the forthcoming week.
Based on a regular monthly trade volume of 165,000t, the trader sold 165,000t in March and expects to sell 165,000t in April, holding 165,000t of stocks for the moment.
A Chinese trader said that Chinese consumers' demand for Philippine laterite nickel ore increased in April and one of their customers purchased about 170,000t so far in April, while the customer only bought about 110,000t in March. "This Wednesday we could accept the price of USD30/t CIF China for Philippine laterite nickel 1.3%min, while we refused to ship at the price lower than USD31/t CIF China at the beginning of this month. We closed no deal this week and last sold 58,000t of Philippine laterite nickel ore 1.3%min at USD32/t CIF China early this month", a source from the company reported, adding that as laterite nickel ore trading volume continues to increase, the Philippine laterite nickel ore prices are expected to rise in the following week.
With a regular monthly trade volume of 400,000t, the trader sold 230,000t in March and expects to sell 465,000t in April, holding no stock of laterite nickel ore at the moment.
Another Chinese trader revealed that the demand from their downstream customers increased significantly in April and they currently have 165,000t of laterite nickel ore in stock. They have no plans to sell this week and will wait at least a week before considering shipping, while they won't keep a laterite nickel stockpile under normal circumstances. "On Wednesday we did not sell Philippine laterite nickel ore 1.4%min at the price lower than USD42/t CIF China and on March 30 we purchased 110,000t of Philippine laterite nickel ore 1.4%min at USD25/t FOB Philippines, plus the shipping fee of USD12/t, which is equivalent to the price of USD37/t CIF China", a source from the company mentioned, adding that they plan to hold the goods in the upcoming week, and predicts that the prices of the Philippine laterite nickel ore in Chinese market might move up in the forthcoming week.
Based on a regular monthly trade volume of 165,000t, the trader sold 165,000t in March and expects to sell 165,000t in April, holding 165,000t of stocks for the moment.
