Stockpile in ports for nickel ore kept rising and the price could hardly rebound in the rest of 2014.

 

[Ferro-Alloys.com]Spot and futures prices of medium and high grade nickel ore were in the downtrend since the beginning of October. The investors posed pessimistic attitude towards the LME nickel price. There was little volume of transaction for nickel ore, due to the large spread in price for both parties.

 

Recently, futures price for low Ni high Fe nickel ore decreased by around $1. Currently, futures prices for low grade nickel ore (Fe50%, Water33%), (Fe49%, Water33%), (Fe48%, Water33%) were quoted at $21-23, $20-22, $19-21 FOB respectively. Spot price for low Ni high Fe nickel ore declined by ￥20/wmt. Currently, spot price for low Ni high Fe nickel ore (Fe50%, Water33%), (Fe49%, Water33%), (Fe48%, Water33%) were mainly quoted at ￥270-280/wmt, ￥260-270/wmt, ￥250-260/wmt respectively.

 

Spot prices for medium and high grade nickel ore declined by around ￥40-60/wmt. Currently, medium grade nickel ore with Ni1.6%, Ni1.7%, Ni1.8%, Ni1.9%, Ni2.0% were quoted at ￥500-530/wmt, ￥570-590/wmt, ￥670-680/wmt, ￥720-730/wmt, ￥780-790/wmt respectively in Tianjin Port. Futures prices for Philippines origin medium grade nickel ore decreased by $9, and medium grade nickel ore with Ni1.7% was mainly quoted at $76/wmt FOB; price for high grade nickel ore kept stable due to its less supply, and nickel ore with Ni1.8% was quoted at $85/wmt, which remained the same as last week.

 

The stockpile for nickel ore kept rising in China since the beginning of H2, 2014, which is nearly 24 million tons on Oct. 10, up 1.5 million tons compared to that of June. At the same time, stockpile for nickel in LME kept rising. It would take six months to use up the stock, one of China's miners said, which would keep the nickel ore price at a low level.

 

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