Key facts
This week, the nickel pig iron market was disrupted by news of Indonesia's RKAB quotas, with sentiment swings intensifying. Prices were broadly stable but bargaining escalated. High-grade nickel pig iron resources remained tight, with firm offers. On the cost side, premiums for Indonesian nickel ore eased slightly. Demand showed clear off-season characteristics, with steel mills mainly making need-based purchases. In the short term, approval of supplementary RKAB quotas is the core variable; if additional supply falls short of expectations, tight supply will support prices.
Market changes
On August 7, Mysteel's lateritic nickel ore CIF prices were steady: Ni:0.9% low-aluminum ore at $38/wet tonne, Ni:1.3% nickel ore at $47/wet tonne, and Ni:1.4% nickel ore at $57/wet tonne. In the Indonesian market, nickel ore prices were slightly lower, with Ni:1.2% MC40% nickel ore market price (CIF) at $26-32/wet tonne.