Shanghai Nonferrous Metals News
Nickel laterite prices in Indonesia have risen rapidly by approximately 10% in the past few weeks with the ongoing investigation into illegal mining started in June interrupting mining operations. Buoyed by rising nickel laterite prices, high-NPI prices in Indonesia rose to RMB 1,175/nickel unit (USD 161/nickel unit) on Wednesday 23rd August, up by 10% w-o-w, a record high since March 2023.
According to a local NPI smelter, tens of local smelters are trying to build up their stocks of nickel laterite after a new round of mining quota allocation was suspended, subsequently shoring up prices of nickel laterite. “Smelters are fighting for nickel laterite for fear of shrinking supply, especially after some larger buyers increased their offers. Most smelter are running low in stocks at present, and some may be forced to curb operations on tighter supply of laterite going forward”, said a spokesman from the smelter.
