[Ferro-alloys.com]In early Feb., the Philippines nickel ores futures price totally increased. The medium and high grade nickel ores price improved by USD1-2/wet mt as Ni1.8% was quoted at USD73-74/wet mt while Ni1.5 was USD41-43/wet mt (FOB). Meanwhile, the low grade nickel ores price had increased for three weeks as Ni0.9-1.1%，Fe49% was offered at USD17/wet mt(FOB).

As the Chinese New Year was coming, the purchases from the FeNi factories declined. According to two large FeNi manufactures, as the trading price of high FeNi with Tisco in Feb. was just RMB1060/Ni (delivery price with tax by cash), they did not want to buy the nickel ores under upside down condition. One buyer said the price of Ni ore (Ni1.8%) at USD80 (CIF) was too high for them. In addition, considering the surplus stock, they postponed the purchase until years later. What’s more, one FeNi seller said the FeNi price might further go down in Mar. or Apr. for the increasing supply. Adding to the over of the Philippines rainy season, the nickel ores price also faced downturn risk.

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• [Editor:Juan]