[Ferro-alloys.com]Even though the demand for medium and high grade nickel ores from FeNi producers was still high, the weak LME Ni price made the buyers hesitate to buy the materials. In addition, the high fund pressure resulted in the few purchase volume. According to the statistics, total nickel ores stock of China decreased by 500thousand ton to 21.7million tons, which had already declined for 6weeks.

In recent week the spot price of medium and high grade nickel ores was stable and many sellers still reluctant to sell. Specifically, nickel ore with Ni1.6%, Ni1.7%, and Ni1.8% in Tianjin Port are quoted at RMB470-480/wet mt, RMB530-540/wet mt, RMB600-620/wet mt respectively, and the transaction price for Ni1.9% and Ni2.0% were RMB660-670/wet mt, RMB720-730/wet mt. High grade nickel miners tried to improve the price by USD1/wet mt while the acceptance was not optimistic. Medium-grade nickel ore with Ni1.7% and Ni1.8% from Philippine are $61/wet mt FOB and $74/wet mt FOB.

Even if the low FeNi price had already increased by one month, the low grade nickel ores price was still not well for the low capacity release of low FeNi and the high stock. Expect for the week demand, the poor condition of iron ore also pressured on the low grade nickel roes price and transaction. It was acknowledged that on Dec.18th, the iron ore price further recorded the lowest new high in 2014.

In recent week the low grade nickel ores spot and future price stayed steady as FOB prices for nickel ore(Fe50%, water33%), nickel ore(Fe49%, water33%), nickel ore(Fe48%, water33%) stayed at $16-18/wet mt, $15-17/wet mt, $14-16/wet mt respectively. Spot prices for above materials were quoted at RMB220-230/wet mt, RMB210-220/wet mt and RMB200-210/wet mt.

Copyright @ 2014 Ferro-Alloys.Com. All Rights Reserved. Please write to zhaolijuan@ferro-alloys.com for help.

• [Editor:Juan]