$17,593.33 per mt is Indonesia’s early-July nickel ore benchmark price, down $1,049 from late June, with ESDM also setting HPM values lower across ore grades.
Ni 1.2% ore fell to $47.40 per wmt and Ni 1.6% to $66.64, reflecting softer Philippine ore prices, high smelter inventories and weak near-term restocking demand.
High-grade ore remains relatively scarce in Indonesia even as overall inventories stay ample, while unresolved RKAB quota approvals and DKIN policy uncertainty continue to cloud supply expectations.
SHFE nickel slipped 0.41% to 125,880 yuan per mt, and SMM expects nickel prices to stay rangebound at 125,000-135,000 yuan as a stronger dollar and hawkish Fed expectations pressure sentiment.